"Any financial system that is based on debt is doomed to fail. Today, we are
living in the greatest debt bubble that the world has ever seen, and if all of a
sudden people could not use credit to buy things our economy would immediately
ground to a halt. Unfortunately, no debt bubble can last forever. When this
current debt bubble finally bursts, faith in the financial system is going to
disappear, credit is going to freeze up and there is going to be a massive wave
of bank failures. Right now, Greece is a warning sign for the world. Nobody
wants to lend money to Greece, the Greek banking system is dying, one out of
every four businesses has already shut down, unemployment is soaring and the
Greek economy has now been in recession for five years in a row. Sadly, the
economic implosion in Greece is rapidly accelerating. The Greek economy shrunk
at a 7 percent annual rate during the 4th quarter of 2011. That
wasn't supposed to happen. Things were supposed to be getting better in Greece
by now. But instead the Greek depression is getting even worse, and very soon
the rest of the world is going to be going through what Greece is currently
experiencing..."
at http://theeconomiccollapseblog.com/archives/a-warning-sign-for-the-world
at http://theeconomiccollapseblog.com/archives/a-warning-sign-for-the-world
