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Casino capitalist excess and out-of-control bad debt levels are disastrous. The piper awaits his moment to be paid.
Interviewed on Pacifica Radio's Guns and Butter, Michael Hudson explained:
In recent years, "commercial banks have fueled an enormous asset-price inflation. The debt they have created imposes an interest burden that deflates the economy - even while adding to the cost of living and doing business."
Financial warfare rages. Governments and central banks sacrificed economic soundness to save banks. Debt deflation is shrinking economies. Poisonous bailouts crush them.
Obama and Eurozone leaders claim recovery depends on austerity. It hammers workers and stifles productive growth. As a result, global economies are getting worse, not better. Purchasing power is shrinking. Layoffs, defaults, foreclosures, and bankruptcies are rising.
The mother of all train wrecks approaches. When it hits home full force, it'll be too big to ignore and painful.
On October 16, the Global Europe Anticipation Bulletin (GEAB) headlined its latest economic assessment, "Global systemic crisis - First half of 2012: Decimation of the Western Banks," saying:
Second half 2011 has global economies heading for "unstoppable....geopolitical dislocation(s), characterized by the convergence of monetary, financial, economic, social, political and strategic crises."Today's distressed financial environment "will cause the 'decimation....of Western banks' in the first half of 2012."
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