Clinging to a Bankrupt Monetary System

Wednesday, November 16, 2011
By Paul Martin

By Eric Fry
DailyReckoning.com
11/15/11

Laguna Beach, California –”Europe is in one of its toughest — perhaps the toughest — hours since World War II,” German Chancellor, Angela Merkel declared yesterday.
Who would argue with her?

The Second World War crippled the European economy. The victors suffered almost as much as the vanquished. Nearly ten years after the war ended, the British were still rationing sugar and meat.
Notwithstanding these hardships, however, the history of the post-WWII European economy is mostly a story of economic renaissance. From the rubble of war, the European Continent produced decades of economic growth.

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