European Scam in One Paragraph

Michael Snyder has captured in one paragraph the scam that is being marketed as the “solution” to the Greek and European problem (my emphasis):

Once the euphoria of the initial announcement faded and as people have begun to closely examine the details of the European debt deal, they have started to realize that this “debt deal” is really just a “managed” Greek debt default.  Let’s be honest – this deal is not going to solve anything.  All it does is buy Greece a few months.  Meanwhile, it is going to make the financial collapse of other nations in Europe even more likely.  Anyone that believes that the financial situation in Europe is better now than it was last week simply does not understand what is going on.  Bond yields are going to go through the roof and investors are going to start to panic.  The European Central Bank is going to have an extremely difficult time trying to keep a lid on this thing.  Instead of being a solution, the European debt deal has brought us several steps closer to a complete financial meltdown in Europe.

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2 Comments

  1. No, it actually does do something. It allows the Greeks to get 2-3 months more in debt meaning the inevitable collapse will be even worse. All they did was give an alcoholic a beer while they tried to figure out what to do.

  2. The moment I heard this described as a “solution”, I knew it was nothing more than kicking the can down the road — same thing that’s going on in the USA.

    It is far too late for any “solution”. It’s only a question of when the caca finally hits the fan (and how hard).

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