Europe: The Meltodwn LaRouche Warned You About Is On

May 6, 2010 (LPAC)—European developments are simply playing out what Lyndon LaRouche has been trying to warn people about all along: that the entire system is disintegrating, and that it is happening now. "Idiots will disagree," LaRouche said on Wednesday, and perhaps act surprised at this or that turn of events. But it is all now collapsing exactly as LaRouche said it would.

Yesterday, markets throughout the world continued to decline and the euro fell to below 1.29 to the dollar. The price of gold went up, including a 27-year high in Japan as the crisis continued to spread.

Spain and Portugal are now totally in the barrel with Greece. Moody's announced that it was "reviewing" a possible downgrade on Portugal's debt — but announcing it, means that it has already happened. As Spain's stock market crashed for the third day this week — led down by the Inter-Alpha group's Banco Santander — Spanish Prime Minister Zapatero tried to hysterically deny reports that Spain has gone to the IMF and the EU to discuss a EU280 billion bail-out, calling it "complete madness."

As for Greece, talk of outright default is in the air. One economist from the London-based Capital Economics firm said: "The economic pain that such belt tightening will bring suggests that it would be unwise to rule out a default further down the line." But "down the line" is actually now; the point is, LaRouche commented, it's all collapsing.

 WEBCAST 8. MAY

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