- January 1, 2012: Vol. 6, Number 1

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The Money Talks: The Euro World May Be in Crisis, but Real Estate People Have Still Got a Job to Do

by Richard Fleming

At least the crisis waited this time. It must be something about the time of year. Previous meetings of The Letter – Europe’s editorial board have been held in the middle of periods that participants look back on and think “wow”. In 2008, for instance, the board meeting was held two weeks after the collapse of Lehman Bros and two weeks before the near collapse of the UK banking system.

The crisis this time, of course, is the euro. There was a bit of a euro crisis, again, in mid-September but not enough to affect the meeting. Not like the crisis we have now. In many ways, it’s all the same crisis that we had back in 2008, just another form. This is neither the time nor the place to discuss the problems with the euro and the euro zone’s sovereign debt issues. It is necessary only to note that there is still an ongoing crisis, that it will not be an easy crisis to solve, and that the rest of the world believes this is a crisis that the people who created it

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