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