By Joel C. Rosenberg’s Blog (Jerusalem, Israel) — Is Russia preparing to invade another European country, or simply training its forces to do so in the future? That’s the big question as Vladimir Putin prepares to launch a massive…
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The economic implosion of Europe is accelerating. Even while the mainstream media continues to proclaim that the financial crisis in Europe has been “averted”, the economic statistics that are coming out of Europe just continue to get worse.
Manufacturing activity in Europe has been contracting month after month, the unemployment rate in the eurozone has hit yet another brand new record high, and the official unemployment rates in both Greece and Spain are now much higher than the peak unemployment rate in the United States during the Great Depression of the 1930s. The economic situation in Europe is far worse than it was a year ago, and it is going to continue to get worse as austerity continues to take a huge toll on the economies of the eurozone.
It would be hard to understate how bad things have gotten – particularly in southern Europe. The truth is that most of southern Europe is experiencing a full-blown economic depression right now. Sadly, most Americans are paying very little attention to what is going on across the Atlantic. But they should be watching, because this is what happens when nations accumulate too much debt. The United States has the biggest debt burden of all, and eventually what is happening over in Spain, France, Italy, Portugal and Greece is going to happen over here as well.
Op-ed: Europe’s failure to run its own affairs doesn’t stop it from constantly interfering in Israel’s affairs Eldad Beck
BERLIN – Just when the vision, or delusion, of Europe’s unity is facing a grave reality test, it’s amazing to see how one issue manages to unite the failing, disintegrating European bureaucracy: The grudge toward Israel.
Even the Euro crisis, which threatens to sink European unity into a new nationalist storm, cannot ease the inherent hostility of the European apparatus, located in Brussels, to the Jewish state. By now it looks like a sick obsession that blinds the patient’s eyes and prevents him from seeing his real problems.
Almost not a day goes by without the office of “foreign minister” Catherine Ashton or the EU “embassy” in Israel issuing a condemnation of Israeli actions in the West Bank, Gaza Strip or inside Israel. With zealousness that can only attest to disproportional devotion, EU emissaries – mostly with the help of Israeli collaborators who enjoy generous funding – monitor anything that could be perceived to undermine the rights of Palestinians or Israel’s Arab citizens.
By Gary North
For the first time in my career, I see the international establishment, sometimes called the New World Order, facing a crisis so large that its very survival is at stake. For the first time, these people are scared.
There are not many of them. In his book, Superclass, author David Rothkopf estimates that there are only about 6000 people at the top of the pyramid of world power and influence. They are mostly males, and at least a third of them have attended America’s most prestigious universities. Most of the others have attended comparable universities in Europe.
The crisis in Europe is clearly beyond anything that this generation of establishment leaders has ever seen. North is absolutely correct here.
From time to time, I talk to some of the people who are among these 6,000, one who is perhaps in the top 100. They are scared, very scared. When I talk to them about Europe, they often immediately point out that the U.S. is not far behind in terms of crisis.
By Joe Weisenthal
Paul Krugman has a gloomy post this evening explaining how quickly the whole Euro could unravel.
It basically goes like this: Greece leaves the euro “very possibly next month.” That would lead to a massive run on Italian and Spanish banks. There would be massive borrowing from the ECB to prevent a banking collapse. At which point Germany has to decide: Shoulder a major burden for the debts of Spain/Italy, etc., or let it all go.
He concludes: “And we’re talking about months, not years, for this to play out.”
This might be extreme, but it might not be, but the key is that it would be a Greek departure that would set it all off. A country leaving the Eurozone would have terrible consequences, which everyone realizes, and actually that part of the reason that investors don’t think it’s going to happen — because it would be so bad.