Eurozone Teeters on The Verge of a ‘EuroQuake’ If Greek Default is Bungled ! Global Economic Meltdown Within 12 Months?!

• If the Eurozone sovereign debt crisis was an entirely ‘accidental’ event caused by well meaning but inept politicians, I would agree that the problems have more than an even chance of a happy resolution. What we have are the Illuminist money power and vulture funds lining up to attack the Eurozone once a Greek default is initiated. They will make trillions betting against the Eurozone. The coming EuroQuake will trigger GlobalQuakes. Got physical gold yet? (emphasis mine)
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  Eurozone teeters on the verge of a ‘euroquake’ if Greek default is bungled
  By Liam Halligan, http://www.telegraph.co.uk/
  More than one in three international investors expect a global economic meltdown within the next 12 months, according to a new Bloomberg poll. Far more – almost 70pc – say the world economy is deteriorating, up from just 18pc four months ago.
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  At the heart of the gloom, of course, is the eurozone, with 90pc of those surveyed judging that the economy of the single currency area is getting worse. One wonders what planet the other 10pc are on.
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  The eurozone is clearly sliding. The European Commission’s economic sentiment indicator fell to 95 in September, from 98.4 the month before, plunging at a rate not seen since the Lehman Brothers collapse. German retail sales dropped faster in August than at any time since May 2007.
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  The eurozone – an economy second in size only to the US – is on the brink of a double-dip recession. This grim prognosis, though, is set against a more hideous backdrop – the danger of a “euro-quake”. Greece will default. The only question is how the default is managed – indeed, if it is managed at all.
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  A bungled Greek payment failure will spark “contagion”, as spooked creditors pull the plug on some big eurozone government, leading to non-payment of wages and benefits, serious social unrest, and a single currency break-up.
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  We face the very real prospect of a major economic shock, the negative impact of which will be felt around the world. “The operational viability of the single currency won’t be known until the system is tested by a serious downturn and that moment may come soon,” this column warned in December 2007, as the credit crunch began to loom. “The ultimate victim of this sub-prime crisis could be nothing less than the single currency’s existence.”
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  So as the 2008 meltdown came into view, those of us who observed that “every currency union in the history of man has broken up, unless, like the US and UK, it has been preceded by generations of political union, and held together with a federal tax system” continued to be dismissed as “mad”, “xenophonic” and “anti-European”.
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  Far from feeling humbled, or contrite that their incoherent currency union is on the verge of disaster – a disaster which could trigger another global slump when we’ve yet to recover from the last one – the eurozone’s architects remain in denial, continuing to question the integrity of those who advocate straight-forward common sense.
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  Common sense now tells us that any “short-term fix” for the eurozone will do nothing to address the basic incompatibilities which have been there since monetary union began. Yet all the current proposals are just that, “extend and pretend” efforts to buy time in the hope that the single currency’s inherent contradictions will disappear given the requisite “political will”.
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  Europe’s policy-making “elite” wants a fully-blown fiscal union and sees this crisis as a way to get there. It is simply not going to happen, because almost no-one outside of the Brussels salons, or the broader EU establishment, wants it. That is the fundamental truth that must be spoken, repeatedly, to power – whatever offence is now caused. Because this currency union experiment, essentially an exercise in bureaucratic megalomania and hubristic nation-building, is about to do serious damage that extends way beyond Europe.
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  So the ECB will bail-out bankrupt governments which, in turn, have bailed-out bankrupt banks. Writing-down debts? Too difficult. Restructuring banks? Er, no. The outcome, of course, will be inflation – fine for some savvy investors, but ghastly for ordinary people who have worked hard, saved, and   tried to provide a dignified life for their families.
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  Those who deny that QE is inflationary tend to be those who said the eurozone could never break-up. Do these people ever read history? Inflation was how the Western world addressed its massive sovereign debts when they were last at today’s grotesque levels, after both the First and Second World Wars, albeit those debts were incurred for a rather more honorable purpose.
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  Inflation will be our response to today’s debts too – the debts of pure indulgence. It just goes to show, for all the technological advances of the last century, how little true progress we’ve made.

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