The first three going bankrupt was bad for the international capitalist system the last two is a disaster.
For instance Italy has a deficit of over1.6 trillion euro, the third highest in the world the U.S. being number one. Such debt will swamp the Euro to the point were the Euro in your pocket will be worth nothing. The international financiers are not buying european debt bonds which is driving up these countries interest rates and preventing these economies from having access to ready funds while paying more for their debt. What ever way this capitalist crisis is looked at, one thing is certain, it is the ordinary person in the street who will pay. It is clear the European experiment is finished in its present form.
The leaders of the union look and behave just like the generals of the first world war sending millions to their deaths the only difference the trenches are people’s lives which are thrown to the bankers and the corrupt politicians, to save their ill-gotten gains.
If Italy continues to slide it is impossible to see how Europe can contain this situation spiraling out of control.
Already their attempt at containing this crisis has lasted now more than five years. At present it is already worse than any previous economic crisis. This is not just a European crisis, the U.S. has the biggest deficit in its history alongside mass unemployment. Usually in a capitalist crisis like this capitalism tends to go to war as a last resort in defending its profits and acquiring new resources under the mantle of freedom and democracy. If looked on at a world level China and the oil rich Saudis don’t want to see the Euro sink otherwise they are left with the bankrupt dollar in their bank vaults. Robert Fisk reporter for the English Independent has reported secret discussions taking place with China and others around the possibility of establishing a new currency. The U.S. learning of it issued a warning that this would be done over their dead body. Alongside this the whole situation in the mid east is a smouldering cauldron which if ignited will have major implications for the rest of the world.
It is clear these gentlemen running Europe Inc cannot contain this collapse in its shares. So like any company it will get rid of its loss making operations. This puts Europe back to where it was after the first world war and indeed with all the poverty,unemployment queues, and tensions combined
Its time to put these good gentlemen to the sword and take back what belongs rightfully to the working people of Europe not doing anything puts the children of europe in the firing line for the failure of this generation to deal the death knell to this corrupt rotten system.