By Bob Chapman, June 29th, 2011.
Greece and Europe are still in crisis as the European countries scramble for a solution. The fact is that ultimately Greece has to default. The banks and other nations of the euro zone should have never allowed the situation to progress to its current stage. As we have said over and over again for 13 years, one interest rate can never fit all, because each country is at a different stage of development. The very creation of the European Union and the euro zone flies in the face of anthropological and cultural history reaching back thousands of years. That said, the leaders of the EU cannot possibly save Greece and the other five nations in serious financial trouble and save the euro and the European Union simultaneously. It is simply impossible if for no other reason, which is the cost, which is $4 to $6 trillion. Eventually all six will have to be cut loose reducing the euro zone from 17 to 11 members, all of which will have to face eventually more trouble among the remaining weak members. Thus, it is only a matter of time before the euro is history. At least for now there will not be a euro as the basis for a one-world currency and the EU as the cornerstone for world government.
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