Full article here:http://www.marketwatch.com/story/euro-crisis-brings-world-to-brink-of-depression-2012-07-24
By Darrell Delamaide
WASHINGTON (MarketWatch) — Europe is a tinderbox waiting for a spark.
The financial volatility in Europe may have created a situation that is now beyond the capacity of policy makers to control or curb.
When an accomplished fixer like Pascal Lamy, the head of the World Trade Organization and the longtime chief of staff for former European Commission President Jacques Delors, describes the situation in Europe as “difficult, very difficult, very difficult, very difficult,” you know it is time to run for cover.
The Great Depression was worsened by bank runs.
The crisis has now gone well beyond the prospect of breaking up the euro EURUSD -0.44% to the threat of a full-fledged financial and economic collapse in Europe that could plunge the world into a second Great Depression.
To see this headline on a financial board is pretty amazing to me. Just when the economy was supposedly "recovering". Now media is saying the words "great depression". Even better is the final sentence of the article:
The worst may still be averted but the challenge is indeed very, very, very difficult, and it is hard to see at this point where salvation could come from.