Posted on 10/28/2013 7:30:32 AM PDT by Oldeconomybuyer
As the euro zone's weakest members crawl out of their longest recession in modern history, their prospects of recovery are weighed down by a crushing mountain of debt far heavier than before four years of financial crisis.
Italy, Greece, Ireland and Portugal all have public debt well in excess of annual economic output and risk a Japanese-style "lost decade" of grindingly low growth and high unemployment as they slowly repay their way out of trouble.
"As Margaret Thatcher used to say: TINA - There Is No Alternative," said Graham Bishop, an economic consultant. Fiscal discipline and pro-market reforms to liberalize labor contracts, break trade union wage bargaining power and curb welfare and pensions are the only road to salvation, he argued.
(Excerpt) Read more at reuters.com ...
>> Coming to America.
It’s already here, but we enjoy (for the time being) the ability to ignore it, having a deep well of past economic performance to draw from.
That well is nearly dry. The day of reckoning will surely come, and it will be more painful for us. TINA
Basically, a lot of fancy ways to say financial fraud by banksters printing money to cover their Ponzi schemes.
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