Tuesday, Feb 17, 2009
World on the edge of abyss - best start printing more money then
Information Clearing house: Eastern Europe is about to Blow
The global economy is decelerating at the fastest pace on record. 40 percent of global wealth has been wiped out. The banking system is insolvent, unemployment is soaring, tax revenues are falling, the markets are in shock, housing is crashing, deficits are soaring, and consumer confidence is at its lowest point in history. This is no time to cling to half-baked ideology. The global economy is undergoing a massive system-wide contraction which could spin out of control and plunge us into another world war. Political leaders need to grasp the urgency of the moment and keep the vehicle from careening into the ditch.
Posted by sold 2 rent 1 @ 09:28 AM (394 views) Add Comment
2 Comments
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1. jack c said...
From yesterdays Telegraph - "Failure to save East Europe will lead to worldwide meltdown. The unfolding debt drama in Russia, Ukraine, and the EU states of Eastern Europe has reached acute danger point. See following link for full details http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/4623525/Failure-to-save-East-Europe-will-lead-to-worldwide-meltdown.html
2. goweresque said...
This is where the next stage of the bank collapse will start. Some smallish bank somewhere in Europe, possibly Austria, will go pop, as a result of its bad debts in Eastern Europe. This will trigger a domino effect throughout the European banking system. Europe is in bigger trouble in my opinion than the US.