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Crisis Conditions Grip Eurozone - by Stephen Lendman
Eurozone faces dissolution and collapse.
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.
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."
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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