From Common Dreams: http://www.commondreams.org/view/2011/12/14-4
Earlier this week, Stephen Colbert announced dramatically that there were important developments underway in Europe that we should know about.
True to form, Colbert’s Repor didn’t talk about the big problem. His story, ha ha ha, was about a butter shortage in Norway. Talk about going from the obscure to the ridiculous.
We all know that European countries have been wrestling with what to do about saving the Euro.
There have been warnings of an economic catastrophe if the Euro falls, and it’s plain that the already shaky American economy will take a big hit if it happens.
The drama in Europe seems to be beyond the ability of both comedy and financial programs to explain. Perhaps it’s more of a divine comedy in the Dantean sense, because we are all perched on the edge of circle of hell that many of us don’t want to wrap our minds around.
While many news outlets prefer to recycle endless soundbites of Gingrich bashing Romney and vice versa, and as American diplomats seem to be cranking up a war against Iran as if that can save the economy the way World War 2 pulled us out of a depression, the world economy is tottering thanks to all the debt American firms sold Europeans who then managed it so stupidly and corruptly.
Now we have Timesman Paul Krugman, for years an economist holding up the liberal middle, finally admitting that nothing is working;
“It’s time to start calling the current situation what it is: a depression. True, it’s not a full replay of the Great Depression, but that’s cold comfort. Unemployment in both America and Europe remains disastrously high. Leaders and institutions are increasingly discredited. And democratic values are under siege.”
Continue reading at: http://www.commondreams.org/view/2011/12/14-4