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News Link • Economy - International

20 Quotes From European Leaders That Prove That They Know That The Financial System Is Doomed

The financial crisis in Europe has become so severe that it has put the future of the euro, and indeed the future of the EU itself, in doubt.  If the financial system in Europe collapses, it is going to plunge the entire globe into chaos.  The EU has a larger economy and a larger population than the United States does.  The EU also hasmore Fortune 500 companies that the United States does.  If the financial system in Europe breaks down, we are all doomed.  An economic collapse in Europe would unleash a financial tsunami that would sweep across the globe.  As I wrote about yesterday, the nightmarish sovereign debt crisis in Europe could potentially bring about the end of the euro.  The future of the monetary union in Europe is being questioned all over the continent.  Without massive bailouts, there are at least 5 or 6 nations in Europe that will likely soon default.  The political will for continued bailouts is rapidly failing in northern Europe, so something needs to be done quickly to avert disaster.  Unfortunately, as anyone that has ever lived in Europe knows, things tend to move very, very slowly in Europe.

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