Europe’s Economic Crisis Has Spread from the Periphery to the Core

Tuesday, July 12, 2016
By Paul Martin

WashingtonsBlog.com
July 11, 2016

We’ve noted for more than 5 years that the European crisis would spread in the following order … more or less:

Greece → Ireland → Portugal → Spain → Italy → UK

We also warned that the EU’s approach to economic problems in the periphery would lead the cancer to spread to the core. For example, we’ve repeatedly warned that:

Bailing out the big European banks would just transfer the risk to the people
Propping up stocks and asset prices won’t get Europe out of the crisis
Covering up fraud by the European banks would sink the economy
Now, the IMF is forecasting that Italy could be in recession for two decades … and that it’s weakness could spread to the rest of the system.

Britain is – of course -in trouble. But it’s not just Brexit …

Europe has been stuck in a downturn worse than the Great Depression for years. The former Bank of England head Mervyn King said recently that the “depression” in Europe “has happened almost as a deliberate act of policy”. Specifically, King said that the formation of the European Union has doomed Europe to economic malaise.

He points out that Greece is experiencing “a depression deeper than the United States experienced in the 1930s”.

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter