GLOBAL FINANCIAL MELTDOWN: Convergence of 4 Explosive Factors: Banks, Stock Exchanges, Pension Funds, Debts Sovereign debt & deadly private debt.. $30 trillion of phantom assets...
June 4, 2012 Whilst waiting for Euroland to equip itself, by the end of 2012, with a medium to long term common political, economic and social project, especially following the election of the new French president François Hollande, anticipated many months ago by LEAP/E2020, players will remain prisoners of the short-term reflexes related to the sudden Greek political tremors, the uncertainties over Euroland governance and to the risks in public debts.
At the same time, in the United States, the disappearance of the illusion of a recovery (1) combined with the renewal of concerns over the American financial sector’s state of health (of which J P Morgan has just illustrated the fragility) and the big comeback of the country’s debt problem is leading economic and financial players to contemplate an increasingly worrying future (2).
In the United Kingdom, the country’s return to recession is combining with the failure to control deficits and the rise of working-class anger in the face of an austerity which has however only just begun (3).
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