as ever before… Especially it’s financial sector.
Here is some hair raising data published by The Cato Institute:
… I realize that everyone likes to focus on Debt to GDP levels, but the reality is that European banks owe far more when you account for unfunded liabilities.
I know the same is true for the US, but the US’s unfunded liabilities pale in comparison to Europe’s. As far back as 2004, we know that:
CountryDebt to GDP Including Unfunded Liabilities
- Greece 875%
- Spain 244%
- Italy 364%
- France 549%
- Germany 418%
- EU as a whole 434%
- US 400%
Source: Cato Institute
So, we have a bankrupt banking system in bankrupt countries…
Read the whole article at Pains, Gains & Capital