LJ: the impact of austerity measures forced by global capitalism
This is the core of the problem: This moved the banks' unpayable private debts onto the government's books instead as unpayable public debts. Go read the whole thing. It gives a good run down of how we smash up economies in this day and age and what is probably in store down the road. The thing that gave me huge pause was where it pointed out that now we have Greece, Ireland, Portugal, and Spain in similar boats, investors will be shopping around for the cheapest "deal"...forcing all these countries -- who soft sell the austerity measures in part by pointing out that they'll be more attractive for outsourcing investors -- into an even worse position...