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Will Europe Be Engulfed By Massive Bank Runs And Economic Chaos?
Greetings,
Will Europe Be Engulfed By Massive Bank Runs And Economic Chaos?
On the heels of another wild trading week in world markets, today one of the top economists in the world sent King World News an incredibly powerful piece warning that Europe may be engulfed by massive bank runs and economic chaos. Below is the fantastic piece from Michael Pento.
By Michael Pento of Pento Portfolio Strategies
– (King World News) – Greece’s newly elected leftist Prime Minister, Alexis Tsipras, is bringing deficit spending back into vogue. The charismatic prime minister laid out plans to dismantle Greece’s “cruel” austerity program, ruling out any extension of its international bailout and setting himself on a collision course with the European Union. Unabashedly candid, he has burst on the scene as the veritable anti-austerity rock star; serenading fans with a return to big spending, including a raise in the minimum wage and pensions.
However, one can argue that the last five years of Greek austerity has started to pay off. The nation has swung from a hefty deficit, which drove the 10-Year Note to 40% in 2012, to now displaying a small primary surplus equal to 2.7% of GDP. The country’s deficit had been a whopping 10.7% of GDP back in 2009. Unfortunately, positive debt metrics have provided little solace to the average Greek voter.
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Staggering 26% Unemployment
They believe austerity has come with too large a price, as the unemployment rate has risen to 26% and half of all young people are out of work. The soaring interest rates of 2012, which manifested from their fiscally irresponsible ways are now a distant memory. Low growth and high unemployment have caused the well-intentioned plans of frugality to go extinct.
This brazen call to end austerity and return to profligate spending is spreading in Europe like wildfire. In Spain, tens of thousands of people protested against welfare cuts in rallies led by the left-wing movement Podemos, which is now leading the polls in Spain’s elections this year……more here
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