NY Times: The Global (Not Euro-Zone) Crisis!

• I have highlighted many times before that the Illuminists appear to be following a very tight script: the period in between WW1 & WW2. This time round will be no different. However, it will be of several orders of magnitude worse! Global economic, financial and currency collapse will lead to world war. The protagonist in this coming world war is America. It is being abused by the Illuminist snakes for their world conquest. At the end of it, America will be destroyed, re-engineered, enlarged … and finally merged into the Luciferian New World Order, World Government! (emphasis mine)
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  The Global (Not Euro-Zone) Crisis! 
  by Hal S. Scott, www.nytimes.com
  The euro-zone crisis has striking parallels with our experience in two world wars, when the United States mistakenly calculated that Europe could solve its own foreign policy problems and that Americans were immune from the consequences of the Continent’s failure to do so.
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  Europe’s failure twice plunged the world into war. In today’s globalized economic world, Europe’s failure to resolve its financial crisis could plunge the world into economic chaos. This is a global crisis — not a euro-zone crisis — and we must take international action to deal with it. 
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  One fundamental parallel with the two world wars is the tension between Germany and other European states. While successfully integrated into Europe, Germany remains the Continent’s most powerful economic force, with higher productivity and economic growth rates and lower inflation than the other major European countries, including France, Italy, Spain and Britain. In the periods leading up to the world wars, Germany’s neighbors rightly feared and deeply resented German military power. Today, they fear German economic power even while they plead with Germany to come to their aid.       
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  Germany can only go so far in bailing out Europe. The cost of recapitalizing European banks (despite overly optimistic stress tests), including those in Germany, is estimated to be €420 billion under an adverse scenario, just for non-performing loans. The cost of marking down — let alone writing off — sovereign debt would be much greater. As of last November, 20 of the largest banks in the European Union carried $4.2 trillion in PIIGS (Portugal, Ireland, Italy, Greece, Spain) sovereign debt, about seven times the amount of their $620 billion in equity.       
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  The amount of potential budget support for countries with unsustainable debt is also substantial, up to €1.4 trillion for 2012 and 2013, excluding any support for Greece. This does not count losses of the European Central Bank from its operations to bring down the yield on new sovereign debt issuance.       
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  Bailing out Europe is beyond the practical capacity of Germany, whose G.D.P. is approximately €2.6 trillion, a level that is far from assured as Europe crumbles around it.
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  read more!

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