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.
Excluding German and French banks, others have to recapitalize. Italian, Spanish, Portuguese, Irish, and Greek banks need lots of help. Where it's coming from isn't clear. Who'll buy their countries' depreciating debt? Who'll buy theirs?
Eurozone leaders want China and Japan to help. They have their own troubles to resolve. Neither will throw good money after bad without something in return. Moreover, no nation will guarantee another $1 trillion in debt, especially from troubled economies.
Out-of-control debt isn't resolved by more of it. So far, proposed solutions offer little else. In other words, years of failed policies are being repeated.
Nemesis will have final say on when culpable bankers and corrupted officials will be held accountable. Everyone, however, will share pain more severely than already. Expect hard times indeed to get harder.
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/ .
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).
