The wolves are circling Europe. The emerging economies of Asia and South America sense weakness. Day by day, they are pushing the boundaries, seeing how far they can go, testing a new world order. But inside the camp, the old European economies are too deafened by the din of their own internal squabbles to hear the approaching danger. This week it was Spain's turn, as Argentina nationalised the Spanish-owned majority stake in its largest oil company. The Spanish government warned of … [Read more...]