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.
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.
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.
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.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).