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If troubled Eurozone sovereigns default, or just Italy and/or Spain, "US banks cannot possibly stay solvent." Knock-on contagion will crush them. All 27 EU nations are at risk. So are others globally. "This as we predicted has no solution."
Weaker states will be cut loose. The euro will be phased out. Article 123 of the EU Treaty prohibiting ECB financing is illegal. Sticking with treaty provisions assures collapse. Germany won't abandon the system. Instead, they'll drop weaker states and hope others hold together.
Worsening conditions assure damned if you do or don't outcomes. Ordinary people will be hurt most, including in stronger nations like Germany. End game trouble's approaching at a faster clip.
Stephen Lendman lives in Chicago and can be reached at Email address removed.
Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/ .
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