Two Events Will Shape The Next Tragic Act In Europe
Raúl Ilargi Meijer
BusinessInsider.com
Jul. 24, 2012
I don’t really know why it is, but as much as I see pundits and experts and everyone in between address the euro mudbath lately, nobody seems to have caught on to the two main events (inflexion points?!) that shape the latest reincarnation of said bath. So here’s for them, and you, and anyone who’s not yet tired of the story:
Event no. 1: it’s not so much that it’s an entirely new notion, it’s the realization that it has come to pass that is new. And even then it will take a while for most pundits and experts to understand the significance.
I’m talking about the fact that the EC/ECB/IMF troika’s southern European austerity measures don’t do anything to push existing deficits and debt loads lower; they are, instead, not even sufficient to offset the deteriorating economies they’re applied to. They just slow down the downfall a little. Moreover, of course there’s the massive snake-eat-tail cross-pollination of austerity measures destroying the very economies they’re allegedly purported to save.
The Rest…HERE
