OpEdNews Op Eds

Summit Fatigue

By       Message Stephen Lendman     Permalink
      (Page 1 of 4 pages)
Related Topic(s): ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It


Author 194
Become a Fan
  (191 fans)
- Advertisement -

Summit Fatigue

Failure in Brussels.

by Stephen Lendman

Since crisis conditions erupted, it's number 19 and counting. Like earlier summits, they met. They talked. They agreed to talk more. They accomplished little more than before.

Dozens of rescue packages preceded Friday's. Promises are made and broken. Hyped plans failed. Conditions are worse now than ever. 

Reality belies morning headlines. An official statement left important details unanswered. It was long on political posturing, not real solutions.

On June 29, Bloomberg headlined "EU Leaders Ease Debt-Crisis Rules on Spain," saying:

- Advertisement -

Bailout conditions were relaxed. Seventeen Eurozone country leaders met in Brussels. Talks continued until 4:30AM. 

Most often decisions are agreed in advance. Maybe they stayed up all night partying.

A requirement that taxpayers get preferred creditor status on aid to Spain's insolvent banks was dropped. European stocks and bonds surged. So did the euro. Expect euphoria to be short-lived. It happened each time before.

Talk of a major breakthrough was morning headline hype. Independent analysts forecast hard times getting harder. So-called rescue funds provide a fraction of what's needed.

At issue are two rescue schemes - the European Financial Stability Facility (EFSF) and European Stability Mechanism (ESM). 

- Advertisement -

Combined they have about 500 euros. EFSF exhausted most of its resources. It needs infusion help to replenish it.

The late Bob Chapman said around $6 trillion is needed for troubled Eurozone countries. What's proposed is a drop in the bucket. Moreover, the longer real solutions are avoided, the worse crisis conditions get, and greater eventual trouble. 

Chapman said things festered so long unresolved that an eventual train wreck is virtually certain. He estimated a timeframe from 2012 - 2017.

Next Page  1  |  2  |  3  |  4


- Advertisement -

View Ratings | Rate It

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.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting

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 AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Related Topic(s): ; ; ; , Add Tags
- Advertisement -

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