http://www.tdf-tours.com/Lance Tour de France 2010: Armstrong Testing New Time Trail Bike in Hawaii
Lance Armstrong is currently in Hawaii testing out a new time trial bike for the 2010 Tour de France. Spyns clients will be able to see Lance's new ride at the Stage 19 time trial in Bordeaux, scheduled for July 24. The blogosphere is also atwitter with rumours that Armstrong and Chris Lieto, the second place finisher at last year's Ironman World Championships in Kona, plan a time trial showdown in the next few days. Showing newfound restraint, Armstrong has apparently agreed - if team Radioshack coach Johan Bruyneel gives him the green light.
European Ministers to World Media: "Please Forget Greece"
Spyns former clients have always grumbled about the high euro-dollar exchange rate. A change is coming. I feel that the euro will continue lower over the coming months, largely because Europe has no credible plan to deal with the crisis. Germany won't foot the bill, most European goverments are just a few percentage points below Greece's record deficit (bonjour la France), and taxes in the Eurozone will inevitably move higher.
Europe's 27 finance ministers met in Brussels. The sum total of their two-day meeting was a stern warning to Greece to continue drastic deficit slashing. This reminds me of a Robin Williams sketch about London Police officers, who don't carry guns. The punchline went something like this, "Stop!" says the police constable, "Or I'll say 'Stop' again!"
They didn't announce any firm measures. However, they demanded Greece reduce the deficit by 4%...by next month! Not surprisingly, the Greek finance minister stated this would be impossible. Clever. They asked Greece for the impossible and set a one-month deadline, typically modern media's attention span for a "crisis." A devalued Euro helps everyone so Greece is now the Eurozone's scapegoat. With just 3% of Europe's GDP, Greece isn't large enough to warrant a bailout. Moreover the sinking Greek ship serves a dual purpose: distraction and devaluation. By focusing on Greece's problems, the core yet troubled economies of France, Italy and Spain won't be subject to greater scrutiny. France is facing regional elections in the coming months so the goverment is focusing on non-issues like school violence in largely Arab Paris suburbs to distract from the terrible state of the economy. And second, as I've written many times before, the Euro is long overdue for devaluation.
They didn't announce any firm measures. However, they demanded Greece reduce the deficit by 4%...by next month! Not surprisingly, the Greek finance minister stated this would be impossible. Clever. They asked Greece for the impossible and set a one-month deadline, typically modern media's attention span for a "crisis." A devalued Euro helps everyone so Greece is now the Eurozone's scapegoat. With just 3% of Europe's GDP, Greece isn't large enough to warrant a bailout. Moreover the sinking Greek ship serves a dual purpose: distraction and devaluation. By focusing on Greece's problems, the core yet troubled economies of France, Italy and Spain won't be subject to greater scrutiny. France is facing regional elections in the coming months so the goverment is focusing on non-issues like school violence in largely Arab Paris suburbs to distract from the terrible state of the economy. And second, as I've written many times before, the Euro is long overdue for devaluation.
Coincidentally, Greece has to roll over billions of loans in the coming months. For whom the bell tolls? While outright default seems unlikely, ratings downgrades and civil unrest are inevitable. The Europeans have sidestepped a crisis and the Euro has rallied to some extent however the fundamentals are the same. A debt crisis is looming. The only question is: when will Europe and the world face up to it?
