Today Europe is heading for the ‘danger zone’, stocks log their worst day in 2012, this summer is an ‘eerie echo’ of pre-Lehman, Nikkei drops to worst weekly losing run in 20 years, and world growth at risk as U.S. employment stumbles.
According to the Daily Mail, the head of the World Bank warned that financial markets face a rerun of the Great Panic of 2008. On the most depressing day for the global economy in 2012, Robert Zoellick said crisis-torn Europe was heading for the ‘danger zone’. Mr Zoellick, who will depart from his position by the end of the month after five years in charge as the watchdog, said it was ‘far from clear that euro-zone leaders have steeled themselves’ for the looming catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain.
According to CNBC, the summer of 2012 is looking like an “eerie” echo of 2008 because the euro zone sovereign debt has replaced mortgages as the risky asset class that markets are anxious about, according to Robert Zoellick, President of the World Bank. His argument refers to the condition prior to the collapse of Lehman Bros and the stock market crash of 2008.
CNBC reported stocks suffered their worst day of the year, with the Dow tumbling into negative territory for 2012, after a disappointing jobs report. This, in addition to dismal data from China and Europe, fueled fears over the health of the global economy. This is just the beginning of the end for Europe’s economy. There will be more days like this before final economic meltdown.
According to Asia One Business, Japan's Nikkei average slid to mark its 9th straight week of losses, the longest such run in 20 years, after disappointing Chinese and US data deepened fears of a global slowdown in Europe's debt crisis. Likewise, according to Reuters, the world's economic outlook darkened recently as reports showed U.S. employment growth slowing sharply, Chinese factory output barely growing, and European manufacturing falling deeper.
Europe is nearing total economic collapse. All the warning signs are blinking with alarms sounding. This is not going be a recession, but a European and global economic depression. This debt train cannot be stopped because the debt is simply too massive. All the globe’s economies are currently woven together; therefore, when Europe collapses financially, it will pull down America and the rest of the globe. When the nations go bankrupt, economic collapse and rioting will spread very fast worldwide.
With the economic collapse of the euro followed by dollar and other global currencies, Europe and America will enter a dramatic season of distress. This season will include trouble in Mideast due to an Israeli strike on Iran along with Syrian missile attacks on Israel. These military actions will trigger the long expected Mideast apocalyptic wars. Militant Islamic terrorists and jihadists will strike America and Europe with chemical, biological, and dirty nuclear weapons on soft targets. The fall of the euro and dollar will cause riots in the cities of Europe and America that will be devastating to average citizens. America and Europe will enforce martial law to stop the violence in certain areas, while fighting terrorism.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com