nov 192011
 

And, once the last domino falls, we can all kiss the euro goodbye.

His reluctance to expand ECB bond purchases was backed by Martin Blessing, chief executive of Commerzbank. While US economists urged breaking rules in emergencies, “this would be equivalent to temporarily suspending the freedom of the press and speech – to avoid uncertainty in the markets

But, as recent data has been showing, the euro zone crisis is starting to have a fallout in China.

Analysts are forecasting that growth, which was soaring at a rate of more than 10% not so long ago, will soon be down under 9% in the next few months.

Willem Buiter, de enige Nederlandse econoom die in het buitenland serieus wordt genomen, trekt van stal op tv (Bloomberg) in schitterend Neder-Engels en waarschuwt dat de hele Yengatoren in een paar dagen in mekaar kan storten:” A Spanish Or Italian Default Could Happen In A Few Short Days” Een paar maanden tijd, heeft de nieuwe Europese Centrale Bank-president volgens Buiter, of het is het einde (van de Eurozone dan). (via)

James K. Galbraith, de zoon van, beschrijft in Salon het beleid in de Eurocrisis: The continent is destroying the weak to protect the strong. But will that be enough?

Kort samengevat: “Greece and Ireland are being destroyed. Portugal and Spain are in limbo, and the crisis shifts to Italy – truly too big to fail – which is being put into an IMF-dictated receivership as I write. Meanwhile France struggles to delay the (inevitable) downgrade of its AAA rating by cutting every social and investment program.”

  • James K. Galbraith: The crisis in the eurozone (Salon.com)

So the cauldrons bubble. Debtor Europe is sliding toward social breakdown, financial panic and ultimately to emigration, once again, as the way out, for some. Yet – and here is another difference with the United States – people there have not entirely forgotten how to fight back. Marches, demonstrations, strikes and general strikes are on the rise. We are at the point where political structures offer no hope, and the baton stands to pass, quite soon, to the hand of resistance. It may not be capable of much – but we shall see.

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