The American Empire in a Changing World


Tuesday, June 19, 2012

''Eurozone Debt Crisis Bang! Moment is Here''

From Market Oracle
By John Mauldin

"Perhaps more than anything else, failure to recognize the precariousness and fickleness of confidence – especially in cases in which large short-term debts need to be rolled over continuously – is the key factor that gives rise to the this-time-is-different syndrome. Highly indebted governments, banks, or corporations can seem to be merrily rolling along for an extended period, when bang – confidence collapses, lenders disappear, and a crisis hits.''

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