Europe's sword of Damocles: a trillion-Euro central bank debt that doesn't pay interest and is owed by... nobody. European capital preparing to fly to Germany because of fears of a major unfixable financial crisis. Germany possibly exiting the EU...
Slides from the above:
About Dr Oliver Hartwich: https://nzinitiative.org.nz/about-us/our-people/oliver-hartwich/
Martin Armstrong chimes in:
"The crisis brewing here is monumental and it will tear the European Union apart at the seams. There is this crisis that because the Euro was NEVER designed properly to begin with, Brussels is trying to enforce its demands upon every member state to maintain austerity regardless of the consequences domestically in each member state. When Southern European states joined the Euro, they had to convert all past debts from their local currency to the Euro. What happened was not only their national debts DOUBLED in real terms, but ALL PRIVATE debts also DOUBLED. Suddenly, banks that had lent Italian lira were now demanding to be paid in Euro which doubled in real value. Nonperforming loans skyrocketed and every politician blamed the bankers for their own misguided creation of the Euro."