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.
Europe's debt crisis persists intractably. On November 5, Barron's contributor economist Carl Weinberg headlined, "As Cash Runs Out, Greece Teeters," saying:
Greece defaulting is "only a matter of time." It's baked in the cake. Nothing can stop it. Delay only is possible. Throwing good money after bad assures greater trouble, not less. Debt problems aren't solved by more of it.
As a result, "(o)ur base is grim," said Weinberg. "If we read Greece's political mood correctly, a default seems (more) imminent....than ever. There are enough unprepared and undercapitalized banks in Europe to create systemic risk.""Unless governments" figure out responsible solutions, "financial-system failure and depression lie in Euroland's near future."
Economist David Rosenberg's view is also grim, saying "(t)here is no Eurozone resolution." White knight BRIC countries aren't lining up to help.
China won't without attractive returns and key demands met. Brazil President Dilma Rousseff said, "I have not the slightest intention of contributing directly to the EFSF. If (Eurozone countries) are not willing to do (enough), why should I?"
America's economy is weakening, including production, non-manufacturing, employment, and chain store sales most recently.
As for Europe, Rosenberg called Eurozone rescue plans farcical. MF Global's demise, the fifth largest US financial industry bankruptcy, may signal much worse to come.
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).