"One of the most respected financial journalists in the world, Ambrose Evans-Pritchard, is warning that cases currently making their way through the German court system could actually result in the breakup of Europe's monetary union. The cases involve the massive EU bailouts that have been agreed to recently. It is being argued that these bailouts actually violate EU treaty law, and therefore they also violate Germany’s supreme and sovereign Basic Law.
So what would happen if the German courts rule against these bailouts?
Well, it could be catastrophic. Ambrose Evans-Pritchard put it this way in his recent column....
"Should they succeed, of course, the eurozone risks disintegration within days, and perhaps hours."
And he is not the only one sounding the alarm. In fact, one major Dutch bank is warning that a full-fledged disintegration of the eurozone would trigger the worst economic crisis in modern history and would unleash a deflationary shockwave that would envelop the entire globe including the United States.
That doesn't sound promising, does it?"
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