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Europe's in recession. Insolvent banks may collapse. Sovereign crisis conditions make things worse. A potential Euroland breakup may follow.
Money creation madness solves nothing. At most, it creates the illusion of all's well. Reality always has the last word.
Summing up conditions overall, one analyst said half the world's in recession, Europe's in big trouble, and major central banks are running out of bullets. Potentially, a perfect storm awaits.
Greece and Spain are canaries in the coal mine. They're doing everything wrong and heading for collapse. It's just a matter of time.
What happens to them affects the continent. As Europe goes, America follows or vice versa. Paul Craig Roberts headlined his latest assessment "The Virtual Economic Recovery," saying:
Rigged inflation numbers created it since mid-2009. Everyone who eats, drives a car, heat and/or air conditions a home, has health insurance and other medical expenses, pays college tuitions, and travels "knows that low inflation is" illusory.
Based on how calculated in the 1980s, it's 9%. Coverup suppresses truth, and not just on inflation. "Everything is a lie to serve power-brokers," says Roberts.
Officially, recession ended in mid-2009. If fact, it continues. Distorted GDP reporting masks it. Reliable economic measures show decline, not recovery. Hard times are worsening.
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