Video: European Crisis Explained

About 4 months ago, I wrote the following to you about the political economy of the European sovereign debt crisis:

If I had to simplify the sovereign debt crisis to one sentence I would say this: As some euro zone sovereign debtors are near insolvency, a liquidity crisis has begun in which various ‘creditors’, the various national taxpayers and bondholders, must fight to determine how to apportion the losses.

Well folks, we live in a creditor-friendly world; and when I say creditor, this time I’m not talking about taxpayers.

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The taxpayers are always going to be the ones taking the hit – unless the credit system collapses under its own weight. That’s what Omid Malekan seems to think too. His video below explains the European crisis. Take a look.

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P.S. – It’s funny – in a dark way!

Some of these are in the related posts below, but you should definitely also see:

The first one is from the Guardian and the others are from Omid. He talks about his views here in More on Quantitative Easing Explained from last November.

Enjoy.

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