Here is a good update on the European economic crisis drawing upon the thoughts of economist Dr Tuomas Malinen, who sees the situation as much grimmer than his colleagues are reporting. Steel mills and other industries are shutting down because of the energy crisis, which is predicted to get worse. And, there is a banking crisis, generated by heavy, and dangerous leverage. Many industries are on the verge of collapse. “I am telling you people that the situation in #Europe is much worse than many understand,” Malinen tweeted in a four-part thread.
“We are essentially on the brink of another banking crisis, a collapse of our industrial base and households, and thus on the brink of the collapse of our economies.”