Bloomberg: ‘Greek Collapse Worse Than Great Depression’



Greek Collapse WorseForeign Affairs editor Gideon Rose, speaking on “Bloomberg Surveillance” about the Greek economy, said that Greece’s current collapse is worse compared to the Great Depression, the deep and long-lasting economic downturn that began soon after the stock market crashed in October 1929, sending Wall Street into a panic and wiping out millions of investors.

“Lot of the help has gone towards helping bankers, not helping ordinary Greeks,” Rose commented regarding the fact that Greece’s GDP continues to roll over a massive ugly inflation during the last few years. He continued urging Europeans to give the Greek people a sense that their future can be better in order to be able to prevent anger, which is now “driving a lot of things.”

Rose also revealed that there will be volatility if Greece leaves the euro, and in order to avoid such a scenario Europe should loosen things up so that the Greek economy can go forward “without getting locked in the same straight jacket of austerity.”

“The key thing about the depression is for western leaders to recognize that in order to save capitalism, they should give democratic population a sense of security and stability without letting markets run rampant,” the Foreign Affairs editor added.


6 COMMENTS

  1. Counting down until leftist buffoons blame Samaras for current mess.. .rather than decades of irresponsibly spending money we don’t actually have.

    i.e. the same policies Syriza (aka virtually all former Pasok supporters) and pseudo-right ANEL (aka virtually all former ND supporters) continue to irrationally pursuit. These far left extremists fail to understand austerity is not an option. Instead of working towards unity these shameless vultures divide not only Europe but Greece itself.

  2. Ultimately every article of Greek Reporter is anti-cuts… the same stance as our communist leaders. Although our leftists try to portray themselves as moderate left.. in practice they put communists into power.

  3. Brilliant! Increase taxes and fees on the very people least able to pay. Why not just stand in a circle and everybody cuts their throat at the same time?

  4. Has anyone at Bloomberg taken a look at the US government’s trillions of unfunded-underfunded liability, or 18.2 trillion in “official” debt, or the QE fraud that will ultimately result in the biggest global disaster since a meteorite struck the earth 65 million years ago wiping out the dinosaurs. .

  5. What does China have to do with the potential of a US induced financial calamity? Do you know approximately how much is the US unfunded-underfunded entitlements are up to now? The answer is close to 84 trillion. Now add in the 18.2 trillion in official debt and the 65 billion per month of play money produced (nobody knows the exact sum) by the Federal Reserve Bank that is attempting to support the markets and you have a calamity in the making. There is no way to get out of QE without triggering a major world wide recession.

    Your last paragraph about the winner that loves bananas; was he a Mormon or a Community Organizer?

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