UPDATE: Wow! That was fast:
MADRID (AP) — Euphoria over a lifeline of up to €100 billion ($125 billion) to rescue Spain’s hurting banks morphed into a financial markets rout in a matter of hours Monday, as investors digested the still-undefined plan and became concerned the country may be unable to repay the new loans.Nils Pratley at the Guardian is impressed. “Bailouts in the eurozone used to generate relief rallies that lasted at least a week. The Spanish version couldn’t even manage a full morning.”
Read the entire post.
Key point: "The bitter truth is that the European collapse is simply the consequence of Leftist fantasy politics. It is what happens when people realize that the ‘paradise’ they’ve been building is nothing but a deconstructed, demographically collapsing, hollowed-out and bankrupt shell of lies."
6 comments:
GREAT!
one thing:
france holds a humongous amount of greek debt so if and when greece defaults, france gets a huge wallop that will require a bailout.
that's why france wants germany to bailout greece.
Now THAT'S a tipping point.
Isn't this kind of an indictment of the American school system that we have to resort to this kind of thing to teach basic economics. finance, money and banking?
This was simple and to the point. Unfortunately too many people have their heads buried in the sand (I'm trying to be polite here) and pretend nothing is wrong. We too will have to pay the piper. $15+ trillion in debt, artificially low interest rates, quantitative easing, unfunded pensions . . . Oh my heads hurts. The future is now.
"collapse is simply the consequence of Leftist fantasy politics"
That is an extremely narrow point of view. The current worldwide-ish recession happened as a consequence of right-wing deregulation of finance.
Oh hell, Anon.
Do you really think anyone will buy that?
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