Posted by lessarda on 17th of Jun 2011 at 11:09 am
Obviously debt is the issue worldwide -- even China has a huge
debt problem with its localities now. But Europe is the biggest
crisis today -- it just is and no campaign put it there.
Greece is just the tip of the iceberg, but even its default
would render the ECB insolvent. The containment or 'firewall'
policy for Spain is beginning to crack -- their debt issue went
badly yesterday and they just released debt to GDP data of 64%,
which puts them outside the EU agreement. It's not going to get any
better.
Japan is a very slow train wreck and the US can still print ad
infinitum; Europe can't kick the can much farther down the
road.
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Eurozone will hit the wall sooner than either Japan or the US...
Euro to falter???
Posted by lessarda on 17th of Jun 2011 at 11:09 am
Obviously debt is the issue worldwide -- even China has a huge debt problem with its localities now. But Europe is the biggest crisis today -- it just is and no campaign put it there.
Greece is just the tip of the iceberg, but even its default would render the ECB insolvent. The containment or 'firewall' policy for Spain is beginning to crack -- their debt issue went badly yesterday and they just released debt to GDP data of 64%, which puts them outside the EU agreement. It's not going to get any better.
Japan is a very slow train wreck and the US can still print ad infinitum; Europe can't kick the can much farther down the road.