Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
1 comment

OpEdNews Op Eds

Deepening Debt Contagion

By (about the author)     Permalink       (Page 1 of 3 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; ; , Add Tags  (less...) Add to My Group(s)

View Ratings | Rate It


Become a Fan
  (191 fans)

opednews.com

Deepening Debt Contagion - by Stephen Lendman

Global economic Depression worsening.

With pressure building on Europe and America, something's got to give. Progressive Radio News Hour regular Bob Chapman says Germany's Angela Merkel and France's Nicolas Sarkozy search for solutions that don't exist.

Nothing's agreed on to be implemented. Austerity weakens failing Eurozone economies. French and other banks are selling bonds. Yields are rising. So isn't economic, financial and political uncertainty.

Europe's in disarray. Germany printed Deutsch Marks just in case. It "has to come to terms with cutting loose six loser countries. That means leaving the euro and perhaps the EU. We see no other choice in this unnatural" union.

"The future of the euro zone is sealed." By fall 2012, "there will be six less participants." Europe's economy will have negative growth, worsening in 2013. Other Eurozone countries will be forced out. In two years or less, "the euro is history." No one knows how bad things will get. They do know today's crisis won't end soon.

New Greek and Italian governments can't resolve intractable issues. Of concern is how much more austerity can people take before exploding. 

At the same time, Eurozone and US leaders are whistling past the graveyard. Perhaps they didn't notice bond market contagion affecting highly-rated countries like Austria, the Netherlands and Finland, indicating worsening crisis conditions. 

A recent Bank of England quarterly Inflation Report also was downbeat, saying:

"The prospects for the UK economy have worsened. Global demand slowed. And concerns about the solvency of several euro-area government intensified, increasing strains in banking and some sovereign funding markets. These factors, along with the fiscal consolidation and squeeze on households' real incomes, are likely to weigh heavily on UK growth in the near term."

In 1998, even Alan Greenspan once was right, saying:

"It is just not credible that the United States can remain an oasis of prosperity unaffected by a world that is experiencing greatly increased stress."

Compared to now, it was mild, yet enough to be worrisome. Today, global alarm bells should be sounding.

Europe's debt crisis needs $6 - 8 trillion to resolve, an impossible amount to raise. Bailing out Italy and Spain alone would bankrupt solvent states.

European banks are threefold over-leveraged. Europe's an accident waiting to happen. In fact, it's unfolding in plain sight. Failed bond auctions show it. European Financial Stability Facility (EFSF) bond sales were postponed for lack of interest.

"Europe is the catalyst, and eventually it probably will take the financial system down." Germany and France are discussing a Eurozone breakup to let six weak countries exit the euro, but stay in the EU. All rescue measures tried so far failed.

Next Page  1  |  2  |  3

 

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.
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
1 people are discussing this page, with 1 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)
We are in the midst of a Global Financial Collapse... by John Hubert, MD on Thursday, Nov 17, 2011 at 2:39:08 PM