The End Of The Eurozone? - Stiglitz At European Zeitgeist 2011: "We Are Out Of Money, But We Can Pay You In Fish"

Excellent discussion.  Pretty humorous responses, with anecdotes from Iceland's response to the crisis.

• "We are out of money, but we can pay you in fish."

• "The only people I saw in Iceland who were concerned about the banking crisis were foreign bankers holed up in the local Hilton." 

Comments

[Wil Martindale]

Make no mistake. The ECB will no longer support the LBMA's paper promises. You can bail out paper debt with more paper debt all you want in this expanding debt system. What we are attempting to feed the monster now will be rejected. There is only one wealth reserve asset the up and coming super powers can agree upon and the ECB is preparing to settle the global balance of trade with this, as a hedge against WWIII.

This paper president is going down with the paper promises made to the American people and Israel. The Caliphate will reject the influence we are trying to peddle into the 7 remaining state-owned central banks not yet (and never to be) folded into the BIS Hive. There are the illusions we hope for and there is reality.

We had our chance. Paper goin' down.

[Johan]

At no point did they mention peak oil, and the fact that economies can't grow without more energy.

[Dana]

Johan hits the nail right on its head. Thank you.

All of this gargantuan, toxic debt, which is now being forced onto the public ledger, was allowed to accumulate either under the pretense that there would always be adequate supplies of cheap energy for economic growth, or financial institutions maintained the illusion of limitless growth potential in a "get it while you can" scheme, knowing full well that their casino economy was about to implode.

I tend to lean towards the latter explanation. People are beginning to understand that we're witnessing the biggest heist of *common* wealth, in the form of fraudulent debt [not to mention egregious exploitation of resources], that this precious globe has ever known.