by John Galt
May 10, 2012 20:00 ET
AND the hits just keep on coming….
Europe, as Ambrose Evans-Pritchard so brilliantly outlines in tonight’s U.K. Telegraph commentary, is playing Fukushima with the world economy. The measurements of Greek unemployment yesterday were beyond horrific and indicative of a nation in complete disintegration economically. The extremists now hold sway over the future and that is a dark prospect for the people as usually the fringes of the political world lead nations into great darkness and destruction.
The portion of the story below highlights the severity of the next potential course of action which could occur any day now:
If Greece were to convert its public debt into drachma, it would be in a perfectly viable position. Its private-sector debt is one of the lowest in the OECD.
The EU bodies would have a vested interest in preventing the drachma falling too far in an overshoot, since its own Greek credits would fall pari passu. The ECB might sensibly start buying drachma bonds as part of its reserve diversification.
If in fact Greece were to defy the European banksters and engage in such a course of action the reaction could be so severe that it drives the nation into the waiting arms of a new Russian coalition of states which are beginning to emerge in the background, specifically designed to shatter the stranglehold of the European Union and NATO.
God help the financial markets should the ECB and EU push the nation of Greece out of the Union and attempt to crush the citizenry of the PIIGS nations with financial blackmail because the rebellious results would be quite terrifying.
To read the article in full, click on the title below: