Nothing could be more opportune, than publishing the text of Daniel Ionescu about the roots of the sovereign debt crisis, on the same day as the end of the summit of the European Union held in Brussels, on the constant matter of the crisis.
Economics Ph. D. Daniel Ionescu hereinafter presents the intimate details of the mechanism of the sovereign debt crisis, with a depth that has no equivalent in the existing literature, which distinguishes the BURSA newspaper - and not just on a national level.
We must warn you that the text isn't easy to read, on one hand because of its degree of technical details, and on the other hand because of a cachet specific to the author.
We urge you to arm yourselves with patience, and don't be shy of re-reading the paragraphs you can't understand.
Because, in paraphrasing a well known TV slogan, "you don't know how much you will benefit!"
For instance, you will reach the conclusion that the exit from the crisis would represent a revolution.
Except the author is too technical to say it explicitly. (MAKE)
* Fractional reserves
The rebuilding of the financial stability of Europe's economy was approached from the wrong end, by trying to deal with the effects rather than the causes of the crisis which was brought about by the vortex caused by unshackling of the monetary flows as they traveled down the roads opened by globalization, deregulation, the development of information technology and of financial instruments.
For 13 years, the "big shots" of pan-European finance under the aegis of the Bank of International Settlements (BIS) have been trying, stumbling into each other, to manage the financial crisis - which, having been caused by the intellectuals, is unlikely to end soon! -and to pave the way for the monetary union which they are ruling over towards a truly competitive
