Thursday, December 15, 2011

Crisis Forecast

Michael Platt is the founder of the $30 billion hedge fund, Blue Crest. I believe the European crisis Platt describes has a 60/40 chance of happening by summer.This will shake up everything and hurt millions of people without any good reason. The "debtors are bad performers" and the "only solution to the debt problem is more austerity" views that Merkel and Sarkozy have rigidly carried into all policy discussions, and form the basis of the recently concluded summit agreement,are wrong, arrogant, and supremely dangerous. And when (if) this all blows up, who do you think will be deemed to be at fault? Certainly not the neoliberal economic dogmatists (Merkel, Sarkozy, Lagarde, Draghi). No, no, of course not. The blame will fall on the "worthless PIIGS" - the Portuguese, Italian, Irish, Greek and Spanish citizens who aren't disciplined enough to stay in the shops and off the beaches. It makes me weep!

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