Thursday, December 29, 2011

Grim Economic Prospects for 2012: Social Upheaval, Bank Defaults and Financial Chaos by Bob Chapman

 
Grim Economic Prospects for 2012: Social Upheaval, Bank Defaults and Financial Chaos
 

It is not that EU leadership doesn’t want a solution; it is that there isn’t a solution, other then to purge the system. In that environment the politicians, bankers and bureaucrats have their power to control the people taken away from them and the citizens take back their countries and their liberty and freedom. The euro has been an unnatural experiment implanted as a nexus for world government. We predicted this in 1992 and nothing has changed. We expected failure and we now have that failure. After years of leveraged profits for the insiders the public is left with unpayable debt.

The debt bomb began with Greece, Ireland and Portugal. It has been followed by Belgium and now Italy and Spain. We see new commitments for bailouts, but will the funds materialize. We are talking more than $1 trillion and that will entail more bank reorganization that is bailouts. That is governments and the public, bailing out the banks again. The debt loads are enormous for sovereigns as well as bankers. European politicians and economists realize six sovereigns are in serious trouble for at least $6 trillion. $4 trillion will be need for Italy and Spain alone, that is just to keep them going sideways. To our way of thinking Greece is a black hole and after elections we believe it will finally default to be followed by Portugal, Ireland and Belgium. We can understand why the sovereigns are so concerned with the group of 6 and the stability of the euro. This is why, without fanfare and very discreetly the Bundesbank, loaned the ECB $644 billion. That is a very large sum of money even for Germany. This transfer loan has been listed under Target 2. We understand why the funds were needed, but will the German public be happy with the program? Remember, 65% were and are against such further programs.


To read the entire article, please click on either of the two links provided below:

http://globalresearch.ca/index.php?context=va&aid=28381

Or:

http://theinternationalforecaster.com/


4 comments:

Ron @ *TOGBlog said...

Good Morning Mike,

Not a very good outlook for 2102 :-(

Thanks for visiting my blog.

Happy New Year! Maybe? :-)

Stranger in a Strange Land said...

Hello Ron:

Don't think we will be around in 2102, but if you meant 2012, then yes, let's hope for a Happy New Year.

Best wishes to you & yours,
Mike

♥●• İzdihër •●♥ said...

Hope 2012 would bring lots of good stuff. Thanks for sharing this even its scary.
Happy new year .

Stranger in a Strange Land said...

Hello Izdiher:

And thank you for visiting and leaving a New Year greeting.

Be well,
Mike