The Rise of a Euro Doomsayer

[Mosaic]

LONDON — The euro zone was unraveling, just as he had long predicted, yet Bernard Connolly, Europe’s most persistent prophet of doom, still faced a skeptical audience.

“The current policy of lending plus austerity will lead to social unrest,” Mr. Connolly told investors and policy makers at a conference held this spring in Los Angeles by the Milken Institute, arguing the case that Greece, Italy, Portugal and Spain could not simply cut their way to recovery.

“And one should not forget that of the four countries we are talking about, all have had civil wars, fascist dictatorships and revolutions. That is history,” he concluded, his voice rising above the chortles and gasps coming from the audience and the Europeans on his panel. “And that is the future if this malignant lunacy of monetary union is pursued and crushes these countries into the ground.”

Read the rest http://www.nytimes.com/2011/11/18/business/global/the-rise-of-a-euro-doomsayer.html?_r=1&hp

[KamaAina]

1. Funny how Mr. Connolly excludes Ireland from his list of countries of concern

:shrug:

[Quantess]

2. Connolly sounds like an Irish name.

Hmmm...