Friday, July 22, 2011
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Issues Beyond Palo Alto,
posted by Ted Rudow III, MA, a member of the Palo Alto High School community,
A downgrade of Irish government debt to “junk” status by a credit ratings agency did little to boost confidence, especially as Moody’s said debt-laden Ireland would probably need a second bailout. A week ago the ratings firm slashed Portugal’s rating to junk with a similar warning and a collapse in Italy or Spain would stretch its resources beyond breaking point.They would then have to be rescued again by national governments—if they can afford to do so. Nervous banks may simply refuse to lend to each other, and the matrix of cross loans and financial linkages that bind Europe’s banks might then trigger a second credit crunch, and another contraction in lending to the real economy.Somebody's lying, because it couldn't be that good with all these huge corporations and governments folding and going bankrupt! But because the hearts of many in this countries have waxed cold and uncaring about the suffering and pain which they inflict on others in their love for riches, they have invited in the old trojan horse of war and death, and have heeded their promises of yet greater wealth and power.