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The Bank of Canada concurred, saying:
"Conditions in the international financial system have deteriorated significantly since" June 2011, "owing to three interconnected developments:
- "sharp(ly) escalat(ed)" Eurozone sovereign debt crisis conditions;
- "a much weaker outlook for global economic growth;" and
- far less risk-taking globally.
As a result, conditions are expected to remain weak, uneven, and uncertain. Contagion's also at issue. Core Europe is affected. French and German economies look much weaker. In fact, Germany's banking sector is in much worse shape than earlier thought.
Progressive Radio News Hour regular Bob Chapman says six troubled Eurozone countries can't compete "and more may follow." Debt levels keep rising. "This was known and evident from the very beginning, but the experiment went ahead anyway."
Bankers, politicians and bureaucrats want world government. Competitive nations want profits. It took a decade to destroy the infrastructure of weak economies. The euro's "on its way out - another failed experiment."
If stronger countries opt out, "governments, banks, insurance companies and pension plans would very well be wiped out by the bad debt."
Moreover, Eurozone disintegration will take America, Britain and global economies with it. Twelve years ago, Chapman predicted it. It's now a reality, he says. He sees stopgap measures delaying its eventual demise.
"History tells us involuntary acceptance of profligate credit expansion and unpayable debt leads to total catastrophe for the entire financial system."
Troubled Eurozone economies need $6 trillion to avoid collapse. Whatever they get won't offset needing more help down the road.
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