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Bona Fide Eurozone Crisis

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Economists Carmen Reinhart and Kenneth Rogoff say debt matters . Delaying resolution assures tougher times. Drawing lessons from history shows how little was learned. An 80% or higher debt-to-GDP ratio represents a dangerous tipping point, they believe.

Failure to institute structural reforms brought Japan 23 years of stagnation. Europe and America face similar conditions. Delaying resolution means turning crises into disasters.

Pipers get paid. It can be now or much more later. Imagine another decade or two of deteriorating bad news. Imagine public anger at a breaking point.

Imagine central bank policies becoming increasingly less effective. They're pushing on a string more than stimulating growth. As a result, they're relying more on verbal intervention. Promises substitute for action.

Bundesbank president Jens Weidmann calls ECB sovereign bond buying dangerous. Germany shows growing unease five years into crisis conditions. Scrambling to prevent contagion isn't working.

Repeated claims are heard about economic conditions improving. Reality shows otherwise. Europe's crisis is far from over. A greater storm looms. Eventual defaults look certain. So does an eventual Eurozone breakup. From inception, it was an idea doomed to fail.

Systemic risk grows. No country is immune. Economist Jack Rasmus believes China's heading for a hard landing. With Europe going down and America weakening, it'll be harder. 

Perhaps next year all pretense ends. Coverup may no longer work. Hard times may be too hard to hide. Watch out.

Stephen Lendman lives in Chicago and can be reached at Email address removed

His new book is titled "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War"

http://www.claritypress.com/Lendman.html

Visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.
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