This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
Greek, Irish, and Portuguese contagion is spreading. Comprehensive solutions don't exist. Debt levels are too great to manage. Major European and US banks are insolvent.
Besides other issues, a $600 trillion derivatives time bomb affects them, around 10 times global GDP. By some estimates, it's much higher. Five Wall Street giants hold 96% of them, but major world banks are interconnected, especially America's and Europe's.
An old song goes, "We'll All Go Together When We Go." Start humming because reckoning day approaches. As Greece goes, so do Eurozone partners. As they go, so does Europe, and as it goes, so do global economies.
Stratfor's George Friedman sees European integration disintegrating. "Europe will spend the next generation sorting through this," he believes. "Even if things (get no) worse, the situation already has been transformed beyond what anyone would have imagined in 2007. Far from emerging as a unified force, (at issue is) how divided Europe will become."
At the same time, banker and political priorities ignore the mother of all approaching train wrecks. Progressive Radio News Hour regular Bob Chapman explained:
"The bottom line is that the financial problems of the US, UK and Europe are unsolvable. The purge will come sooner or later, bringing decades of social unrest and perhaps revolution."
Growing rage across America and Europe expresses public anger with Wall Street crooks and complicit politicians, destroying their lives and futures.
Weak economic data aren't helping. In Europe, German factory orders plunged 4.3% and production fell 2.7% in September. Spain's industrial output fell 1.7% year over year, and France's composite October PMI (Purchasing Managers Index) at 45.6 hit a 30-month low, signaling downturn.
Falling Euro retail sales added more confirmation. Markit Group's October Eurozone private sector economic index hit 46.5, its lowest point since November 2008.
Next Page 1 | 2 | 3 | 4 | 5 | 6
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
