dr.doolittle

As Italy Enters Its Fourth Recession Since 2000, Who Will Bail Out Unicredit?

wow. An Austrian bank collapsed in because it got caught up in some bizarre commodity trading scheme. Do you remember that story? What was the bank? I thought it was some electrical engineering bank or something like that? Most historians argue that the Great Depression began with the collapse of the Austrian bank CreditAnstallt (spelling?) Do you know any of this history? Are we looking at something similar now? And how does Italy have a sovreign debt default when it is part of the Euro currency? By definition it can't--it would be more like the State of NY defaulting, and therefore the public sector would collapse. What are the social ramifications of such a thing? How about military spending, too? My God, the ramifications truly are staggering.