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| Greece and many other countries in the Eurozone and around the world are insolvent. The southern Eurozone countries are EU520 billion in debt to Germany alone, and about the same amount to other countries. Greece alone would need EU135 billion over the next three years. A wildfire is threatening to spread: Spain, whose banks are closely intertwined with those of Great Britain, is a much bigger problem, but also Portugal, Italy, and Ireland will soon require enormous sums of money. The crisis has long since developed into a systemic banking crisis, government bankruptcies, and, in reality, the failure of the euro. But Britain and the U.S. are also insolvent. We are dealing with a breakdown crisis of the system.
The therapy that the international financial institutions are ordering is fatal, and would lead directly to the death of the patient—namely, the world economy. What the IMF, European Central Bank (ECB), European Commission, and financial interests are demanding—on the one hand, endless rescue packages paid for with taxpayer money, and on the other, ``draconian austerity measures'' for the recipient countries—will lead to hyperinflation, and will plunge the recipient countries into a deep depression. These measures are just as disastrous in their effects as they are hair-raisingly incompetent....
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March 23, 2007
—EIR News Service announced the publication of
The Anatomy of Russian Capitalism,
by Professor Stanislav M. Menshikov.
Translated from the Russian by Rachel Douglas, the book is an authoritative study of the Russian economy during the first 15 years after the break-up of the Soviet Union. The Preface, by EIR founder and contributing editor Lyndon LaRouche, titled, "Russia's Next Step," poses the need for U.S. policy-makers to study and grasp the "disease" presented in this book, since it represents "an economic global pandemic which we must all join to defeat." |
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This Week's Cover
Economics
- Glass-Steagall:
The Constitutional Solution To Goldman Sachs' Criminality
FDR would be delighted by the Pecora-like hearings conducted by Sen. Carl Levin against Goldman Sachs' CEO Lloyd Blankfein, who's arrogant defense of his company's role in blowing up the U.S. economy, rivalled that of J.P. Morgan himself in 1933. But the question remains: How far, and where does the Senate intend to go?
- Why Renewable Energy Sources Are Ruining Us
From a speech by Heinrich Duepmann, the chairman of Germany's National Movement Against the Renewable Energies Law (NAEB), to the Industrial Policy Conference of the Civil Rights Solidarity Movement (BüSo), on March 10, 2010.
National
International
Interviews
- Joachim Starbatty
Dr. Starbatty is Professor Emeritus of Economics at the University of Tübingen, Germany. Along with Professors Wilhelm Hankel, Wilhelm Nölling, and Karl Albrecht Schachtschneider, he brought a complaint against the Amsterdam Treaty for the introduction of the euro before the Federal Constitutional Court in 1997.
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