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Since crisis conditions erupted, one fourth of developed countries' workers are unemployed or underemployed. Debt levels too onerous to repay were incurred. Solutions proposed involve piling on more.
Troubled countries include the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) making headlines. Vulnerable also include America, Britain, France, Belgium, Canada, Japan, and others.
Even China's vaunted economic growth is weakening. Brazil and India are also affected. It's not an encouraging sign. In a recent Bloomberg interview, economist Nouriel Roubini warned of a 2013 meltdown worse than 2008.
Banks are operating illegally, he said. The only way to stop it is "break up these financial supermarkets" and hold responsible officials accountable.
Bankers are greedy, he said. Massive conflicts of interest exist. Firms on both sides of major deals. Without substantive change, crises will continue and worsen. Political will is lacking. Policy measures so far resolved nothing.
A fundamentally corrupt system festers. Nothing changed. Too-big-to-fail banks get bigger. No one high up faced prosecution. Things don't look promising ahead.
Market analyst Byron Wien calls the smartest man he knows in Europe a "firedancer."
He left him unnamed. He's been writing about him for years. He's known him for decades. He's "shown an almost uncanny ability to see major events affecting financial markets before other observers."
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