Under pressure: Spain is reluctant to ask for a bailout due to the national humiliation and potentially painful conditions that could be attached to any aid
Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he'd dealt a crushing blow to the extravagant financial corruption that had caused the global economic crash in 2008. "These reforms represent the strongest consumer financial protections in history," the president told an adoring crowd in downtown D.C. on July 21st, 2010. "In history."
In his new book, End This Depression Now! Paul Krugman states that the U.S. is in the throes of a depression — not merely an economic crisis. The New York Times columnist and Nobel laureate argues that Keynesian economics got us out of a much worse depression in the 1930s, so if we were to follow Keynesian prescriptions now, we could get out of this one too.
€2.91 Trillion: Total amount borrowed by Bankrupt nation's citizens€2,910,426,000,000 (€2.91 million millions). 13 Banks biggest banks. Each bank has its own lane. Total Convoy Length: 26.7km (16.59 miles) if you put all 13 lanes together. The people of Greece, Ireland, Italy, Portugal & Spain owe €2,91 trillion Euros to these 13 banks. These are only the 13 biggest banks, there are many more that lent money, that together add up to a much bigger debt numbers. 3 pallets of cash would cover the cost of all the trucks shown below, if you bought them new. You'd have enough left over for a lifetime of joy. Each truck has 20 such pallets.
A World in Debt The world is in debt - A whole city of sky-scrapers of cash. The countries together face a $7600 Billion USD (7.6 Trillion) dollar debt repayment/refinance tab in 2012. The towers are maxed-out at 100 stories of $10 billion dollar platforms. To understand how we got in this borrowing mess, you must trace the path of money, where it comes from and how it is created. For starters: Money is "created" at the Central Banks of the World. Money creation is never taught in school, while being one of the most important things deciding your well being. In USA it comes from the Central Bank (private organization) dubbed the Federal Reserve. You owe to yourself to understand the fundamentals of money, since money controls you, just like your boss controls you with money. If you want to be a free person... you must understand the forces that control you. For further information & documentaries on money creation explore truththeory.org's documentaries and/or watch the documentary Fiat Empire