by John Galt
May 15, 2012 18:45 ET
My fellow internet wanderers, no, your eyes do not deceive you. The costs are almost incalculable because the world has never experienced anything like what we will witness occurring in Greece as their exit from the European Monetary Union seems almost certain now.
In tonight’s article from the U.K. Telegraph, Ambrose Evans-Pritchard makes the following, terrifying statement:
Needless to say, the real danger is contagion to Portugal, Ireland, Spain, Italy, Belgium, France, and the deadly linkages between €15 trillion in public and private debt in these countries and the €27 trillion European banking nexus.
This is where any further errors by EU leaders could take the world into full depression.
Let that sink in. Mr. Pritchard goes on to offer an outline of how the European Union could prevent such a disaster but the chart which he obtained from the ISGEG School in Lille tells the truly terrifying costs to France and Germany of this potential, and now probable collapse:
Click on the title at the top to read the disastrous entry in full. It is a must read for economic realists.
Also from Ambrose Evans-Pritchard tonight: