The Tequila Crisis: The Prelude to Europe’s Economic Storm

“That men do not learn very much from the lessons of history is the most important of all the lessons of history.” Alduous Huxley In its recent daylight plunder of the accounts of uninsured Cypriot (and Russian) depositors and its ruthless steamrolling of all political and social opposition in its way, the Troika has displayed,… Read More The Tequila Crisis: The Prelude to Europe’s Economic Storm

Guest Post by Wolf Richter: Eurozone Banks Are In Trouble, Says IMF

Why is it that 17 nations have to fundamentally reorganize themselves and shift sovereignty away from national parliaments to new layers of transnational, beyond-control bureaucracies that can extract untold wealth from taxpayers—just to save the banks? That’s what the Eurozone has to do, or else banks will topple, and the monetary union will not be sustainable,… Read More Guest Post by Wolf Richter: Eurozone Banks Are In Trouble, Says IMF