Sunday, 15 February 2009

'A Monetary Stalingrad" is on its way to Europe

With journalists like Ambrose Evans-Pritchard and at least two other colleagues at The Telegraph this newspaper sports the most knowledgeable financial journalists in print of any UK newspaper. Little, if anything can be learned from those in other broadsheets and the tabloids offer mere escapism. Nor is financial education much better on the radio or TV. The BBC'S Robert Peston is laughably overrated and followed by the ignorant in the media as well by the public. He is always behind the economic curve. Only Max Keiser's satirical programme "The Oracle" offers "a late night" realistic view of world economics on the BBC.

Europe's loans to Eastern Europe's states within and outside the EU are going to cause the next world economic storm - and that is still while the US and UKs' banks are bankrupt and their debts are bankrupting their countries. Latvia's economy along with most UK and US banks is "clinically dead" and the Bank Austria and its Italian owner is facing "a monetary Stalingrad". Depending which figures one wants to accept Germany's gross domestic product shrank between 8 to 9 per cent in the last quarter! Ireland and several other EU countries are effectively bankrupt! The storm could hit within days or weeks. Major political upheaval and change will ensue.

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I teach Film, Media and English Lit.