Spain Austerity Revolt Set To Collapse Euro And Spread To The US

Huffington Post Live hosts a special on whether the massive austerity riots will lead to the collapse of the Euro and spread to the United States.

Bottom line: The Euro is doomed to failed because the people no longer have the appetite to stomach the harsh austerity cuts required to pay for banker bailouts.

With the US fiscal cliff set to automatically trigger austerity cuts in the US it is only a matter of time before riots breaking out in the United States.

In the video below of the Huffington Post special on the riots in Spain I join RT’s Alyona and a panel of experts to make this case as experts are undecided on the future of the Euro.

A Harvard economic professor is the only one who thinks the strength of the police state is strong enough to forces the masses into submission while politicians try to suck blood from a stone to payoff banker bailouts.

Others including myself are not so convinced and see the perpetual downward spiral of kicking the can down the road leading the member states leaving the Euro.

It is estimated if Greece alone leaves the Euro there will be a $10 trillion immediate hit to Europe’s GDP.

As many areas in Europe are being hit with a financial crisis worse than the Great Depression the threat of debt contagion is being widely ignore in the United States where austerity cuts are scheduled to go into effect once America goes over the so-called fiscal cliff.

Description:After a brief summer vacation, the European debt crisis is back in full flower. As protests rock Madrid, Aylona and James talk about why you should care with guests Richard Cooper, John Quiggin, Alexander Higgins and Gonzalo Lira. (4:54)

Categories: SOCIETY

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