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Troubled Eurozone Finance Capital

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Troubled Eurozone Finance Capital - by Stephen Lendman

Troubled Eurozone slowly coming apart.

For years, Progressive Radio News Hour contributor Bob Chapman warned about troubled Eurozone financial institutions and possible sovereign defaults.

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Greece died months ago. Default is certain. Only its obituary hasn't appeared. Germany prepared contingency plans to reissue the Deutschemark if Eurozone stability crumbles.

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Six possible sovereign defaults loom if contagion spreads out of control. "Considering the condition of other European banks, and the possibility that three major French banks may be purchased by China, we could see disruption in the global banking system," warns Chapman.

"The very fact that Germany is building a reserve of Deutschemarks has to spell the possible end of the euro."

If conditions keep eroding, its advocates will be discredited for believing its time had come. Without Germany as its lynchpin, it's heading for history's dustbin.

Markets know Greek default is certain, but haven't priced in Germany readopting its D-mark. Chapman "predicted it 12 years ago and many times since." 

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Disruption will be severe if it happens. "Overall, we cannot imagine a euro without German involvement. Secretly, the Germans have already made the decision."

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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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