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Crisis Conditions Grip Eurozone

By       Message Stephen Lendman       (Page 1 of 6 pages)     Permalink    (# of views)   2 comments

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Crisis Conditions Grip Eurozone - by Stephen Lendman

Eurozone faces dissolution and collapse.

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From inception, the euro system was doomed to fail. In the 1990s, Progressive Radio News Hour regular Bob Chapman predicted it.

So didn't British economist/euro expert Bernard Connolly before its January 1999 introduction. His 1995 book titled, "The Rotten Heart of Europe: The Dirty War for Europe's Money" explained the risks in detail enough to understand.

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More recently, he said troubled Eurozone countries can't cut their way to recovery. Austerity is a hairbrained disastrous policy. So is the "malignant lunacy of monetary union," combining 17 dissimilar countries under one monetary/fiscal system. 

It's as nonsensical as mixing fire and ice or believing more debt reduces out-of-control levels.

In 1998, Connolly predicted that one or more weak European countries would face rising budget deficits, economic trouble, and a "downward spiral from which there is no escape unaided. When that happens, the country concerned will be faced with a risk of sovereign default." 

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It's now perilously close to happening. Greece already is bankrupt. Only its obituary hasn't been written. Its moment of truth heads closer, and with it a bang spread round the world. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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