I can already hear the critics and naysayers chirping – “But, but, we’ve heard all of this before. You all have been talking about financial meltdown for years now, and it never happens. We just keep on chugging along like the little engine that could”.
Bullshit! It has happened; it is happening. Every day for the past year has been one in which the Eurozone could erupt in flames, figuratively AND literally, and financial contagion could sweep through the global banking system. That is the definition of systemic meltdown – the critical point past which a system is constantly exposed to the risk of CRISIS.
We all know the story in Europe. The peripheral EZ economies are in freefall as private/public credit evaporates and unemployment soars, while the backlash against blatant wealth extraction, a.k.a. “austerity”, has reached epic proportions. Greece is closer than ever to saying “SHOVE IT” and leaving the Union. So what happens after that??
Europe will be F.U.B.A.R., that’s what. Capital exodus, financial contagion, hyperinflation, social unrest, civil war – you name it – it’s all on the table. What if Greece manages to stay in and none of this happens? Does that mean everything is all better and the crisis point has been averted? Go ahead – sit back, relax and give it a few more weeks or months, but just remember that you will NEVER know when it will hit you like a MACK truck – only that it most certainly will.
Along with the economic “crisis” we seem to have a crisis in criminality. Rotten to the core
