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Imploding Bubble Economies

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Imploding Bubble Economies - by Stephen Lendman

Major media downplay imploding economies.

Economic meltdown comes in stages. Recognition takes longer. Tout TV pundits stay in denial longest, calling crisis conditions a normal correction.

Reality suggests otherwise with US unemployment approaching 23%, home foreclosures multiplying, and poverty levels double or more official distorted numbers that artificially hold them down.

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Longtime market expert and regular Progressive Radio News Hour guest Bob Chapman says Eurozone countries are collapsing.

They're "in a state of contagion with six of its sovereign members in serious financial trouble....The creators of the EU, euro zone, and ECB have a failing monstrosity on their hands," an out-of-control debt bomb.

"There is absolutely no way a financial crisis can be avoided," and it's already been unfolding since 2008. No combination of countries can bail out others in crisis "without destroying themselves. Can 21 nations find $4 to $6 trillion to bail out six?"

Impossible! "Fragile isn't the word for it. Neither is contagion. The operative (word) is abject failure," heading for collapse.

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Economist David Rosenberg sees "imminent" Greek default. In mid-September, its one year treasury yield exceeded 100%, telling intrepid investors it already happened for those willing to buy worthless junk.

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