Yep.
“In 2008, governments could intervene to sort out the problems of banks,” Brown said at the World Economic Forum in the Chinese port city of Dalian today. “In 2011, banks have problems, but so too do governments."
...
“The euro area problem is now moving to the center,” Brown said. “The euro cannot survive in its present form, it’s going to have to be reformed dramatically. We are I think at an hour to midnight in the way that we look at this issue.”
...
“European banks as a whole are grossly under- capitalized,” Brown said. “We’ve now got the interplay between banks that are not properly capitalized and sovereign debt problems that have arisen partly because we’ve socialized or accepted responsibility for the banks’ liabilities.”
Socialized and failure, terms that seem fused. Europeans have been socializing themselves toward failure for nearly a century now.
It is not just the Euro that is boned.
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