"Apocalypse fairly soon" in Europe

[nebris]

By Gaius Publius on 5/21/2012 09:15:00 AM

Paul Krugman wrote a Friday column that gives us a chance to review and re-explain the current state of things in Europe. The state of the Europe is stark - poised on perhaps its last precipice.

Here's The Professor's summary (my emphasis and some reparagraphing everywhere; h/t The Stars Hollow Gazette):

Comments

Krugman discredited

[sinistertim101]

There is detail here.

First off it is not the evil bankers who lose that are forcing austerity. It is all of us including our savings accounts and everyone who has a bank account. They are tied globably with treasury bonds.

Greece will lead Spain to default which will then collapse Bank of America which will destroy my parents savings, and it will go on and on.

The bankers do not control the $60 trillion in assets on their books. It is the peoples savings accountants under the condition everyone pays and bonds mature. That goes and everyone else's money vanishes.

Greece was at fault for overspending. Not the banks.

more bullshit

[nebris]

Corporatist Running Dog.

~M~