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Troubled Eurozone Finance Capital - by Stephen Lendman

Troubled Eurozone slowly coming apart.

For years, Progressive Radio News Hour contributor Bob Chapman warned about troubled Eurozone financial institutions and possible sovereign defaults.

Greece died months ago. Default is certain. Only its obituary hasn't appeared. Germany prepared contingency plans to reissue the Deutschemark if Eurozone stability crumbles.

Six possible sovereign defaults loom if contagion spreads out of control. "Considering the condition of other European banks, and the possibility that three major French banks may be purchased by China, we could see disruption in the global banking system," warns Chapman.

"The very fact that Germany is building a reserve of Deutschemarks has to spell the possible end of the euro."

If conditions keep eroding, its advocates will be discredited for believing its time had come. Without Germany as its lynchpin, it's heading for history's dustbin.

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Markets know Greek default is certain, but haven't priced in Germany readopting its D-mark. Chapman "predicted it 12 years ago and many times since." 

Disruption will be severe if it happens. "Overall, we cannot imagine a euro without German involvement. Secretly, the Germans have already made the decision."

They're trying to save themselves financially and economically. An entirely new Germany will emerge. "We believe that (it's) on the cusp of taking care of domestic institutions and problems and protecting" domestic investors over others in troubled countries.

In preparation, they're also protecting their banks. "At least six countries are going under, and all their debt will be worthless or near worthless."

Watch troubled Greece. When it goes, they'll "all go." If Greece doesn't get its (next infusion, it'll) happen quickly." Otherwise, it'll be delayed another six to 12 months.

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US banks won't escape trouble. Bank of America will "probably (be) nationalize(d)." Heavy European exposure of other major ones means they'll all be greatly impacted. Convulsion will grip financial markets. "We could eventually have what looks like 1929 - 1933 all over again" after Wall Street crashed.

D-marks are being printed in preparation for "the greatest crisis to (grip Europe) since WW II. Moreover, bailing wire hold(ing)" Eurozone countries to the euro is "coming unraveled....The dream of Europe as the centerpiece for a new world order is over. There will be big government changes" across the continent as many insolvent banks are nationalized or shuttered.

As Europe's strongest economy, Germany's preparing to save itself as insolvent countries fail. "This is truly how dire the situation is. Cost analysis dictates the end of the euro and perhaps....the EU."

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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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