World Paying ‘High Price’ for Europe: Swan

[Turbineguy]

The world is paying “a very high price” for Europe’s failure to reform its economies that has led to the current sovereign-debt crisis, Australian Treasurer Wayne Swan said.

Pressure must be maintained on the Europeans to resolve their debt woes as they don’t have a “firm grip” on the challenges they face, Swan told reporters in Honolulu today where he is attending the Asia-Pacific Economic Cooperation forum. Europe isn’t dealing with its financial crisis “forcefully,” Philippines Finance Secretary Cesar Purisima said separately in Honolulu.

More:

http://www.bloomberg.com/news/2011-11-10/world-economy-is-paying-very-high-price-for-europe-s-failure-swan-says.html

No, the World is paying a high price for leveraged unregulated disaster capitalism.

[Vincardog]

1. No the world is paying and will continue to pay the price for allowing its' governments to be

controlled by psychopaths.

[Turbineguy]

2. Fair enough.

That too.

[catabryna]

3. There are always multiple sources...

They are working in concert, if not directly together.

~edited to correct typo.

[EVDebs]

4. No one has a 'firm grip' on derivatives

They cannot be paid off. Any country with derivative debt is in deep trouble.

[Prometheus Bound]

5. Four banks hold 94.4% of derivatives.

JP Morgan 78.1 trillion
City 56 trillion
Bk of Am 53 t
Goldman 47.7 t

http://www.zerohedge.com/news/five-banks-account-96-250-trillion-outstanding-derivative-exposure-morgan-stanley-sitting-fx-de

[benld74]

6. These effin derivatives NEED to be criminally outlawed,,,