Draghi schemes delay day of reckoning time but can't stop it. He may be gone when it arrives. Germany is Europe's funder of last resort. Draghi depends on its resources.
Throwing good money after bad puts Germany's financial stability in play. Perhaps its solvency if it goes too far. Greece died months ago. Spain's on life support and expiring.
Its needs exceed what deep pockets can provide. Its crisis is threefold - banking, sovereign and regional. Troubled Catalonia is Spain's most indebted region.
It's broke. It suspended social service payments. Hospitals and other medical priorities go begging. Earlier budgets were slashed sharply.
Other Spanish regions have similar problems. Crisis grips the country. Madrid is insolvent. So are major banks. They need hundreds of billions of euros to meet liquidity needs. What's possible under ideal conditions isn't enough.
Massive capital outflows highlight the problem. On July 31, new Spanish central bank figures showed May amounts quadrupled year-over-year.
Since summer 2011, the equivalent of about one-fourth of Spain's GDP sought safer havens elsewhere. It sounds like an obituary - a run on the entire country.
It's bad and worsening. The ECB and Eurozone countries haven't enough firepower to address it. Italy, Greece, and other troubled countries need help. Banks and sovereigns need massive amounts.
EFSF funds are capped. They're far below needs. If ESM is established, Spain and Italy must provide 30% of its funding, Germany another 30%.
How can troubled countries contribute anything? What's ongoing reads like a Shakespearian tragedy. Bad endings are easy to predict. SNAFU defines them: situation normal all f..ked up.
Bazooka economic promises are hollow. Eurozone dissolution is inevitable. Only its timing is unknown. Imagine how much worse things will be when day of reckoning time arrives.
It's not confined to Europe. Troubled America faces its own moment of truth. It'll replicate troubled Eurozone countries when it arrives.
A Final Comment
The late Gore Vidal got it right. He called The New York Times the "Typhoid Mary of American journalism." It proves it daily.
It cheerleads US imperial wars. It ignores mass slaughter and destruction. It's silent on banksters stealing us blind. It's comfortable with money power running America.
It supports wealth, privilege and power. Its August 2 editorial headlined "Manana Bankers" showed it.