Home > Economics, Institutions, Politics > The Feta is About to Hit the Fan

The Feta is About to Hit the Fan

I’ve been pretty busy on the internet today. To my intellectual detriment, I haven’t really been paying attention to the EU this year, so I caught up on things today. My worry meter is at about a 9/10. European politicians aren’t all that different from the ones here in the USA. The conservatives are essentially holding the economy hostage by not bailing out the troubled sovereign economies. I am not sure if they don’t understand what is at stake, or if they do and just don’t care because it is all part of some diabolical plot. In either case, things are not boding well for any type of political solution.

Spain, Italy, France, and then the entire EU are at risk, in that order. I would wager that if any country’s beside Greece default, we will be in for another sharp recession, and if they all go down (I have to believe the ECB or even the Fed would step in before this happened) we will be witnessing the final curtain for the Western finance, The Greater Depression. I don’t like sounding so melodramatic, but its warranted given the circumstances. How many politicians are willing to double down on another bailout? How many people would take to the street if such a thing came to pass? I know I would…

We’ve been hearing this possible chain of events for almost three years now, but the chickens have come to roost finally. The time frame for this happening is before the end of year; Greece may default as early as this week.

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