Euro crisis brings world to brink of depression

[marmar]

Euro crisis brings world to brink of depression
Commentary: Parallels to 1930s’ missteps unmistakable

By Darrell Delamaide


WASHINGTON (MarketWatch) — Europe is a tinderbox waiting for a spark.

The financial volatility in Europe may have created a situation that is now beyond the capacity of policy makers to control or curb.

When an accomplished fixer like Pascal Lamy, the head of the World Trade Organization and the longtime chief of staff for former European Commission President Jacques Delors, describes the situation in Europe as “difficult, very difficult, very difficult, very difficult,” you know it is time to run for cover.

The crisis has now gone well beyond the prospect of breaking up the euro to the threat of a full-fledged financial and economic collapse in Europe that could plunge the world into a second Great Depression. ...............(more)

The complete piece is at: http://www.marketwatch.com/story/euro-crisis-brings-world-to-brink-of-depression-2012-07-24?dist=countdown

[elleng]

1. And 'policy makers' have been running from

making sound policy for - how long? -

[Safetykitten]

2. Nothing to see here. Move along. We're SUPER. Thanks for asking.

[louis-t]

3. Anyone else notice that Europe affects our stock market more

than lousy jobs numbers here?

[Fawke Em]

4. How's that austerity-thing going?

Looks like governments would have learned by now.