Santelli On The Reality Of The Rotten Heart Of Europe

Tyler Durden's picture

This morning we were treated, once again, to confirmation that Europe is still in the middle of a deepening crisis. No, this was not a reflection of the terrible data, it was Mr. Hollande's insistence that "the crisis is behind us." Luckily we have a foil for this idiocy. Bernard Connolly, author of 'The Rotten Heart of Europe' explains to CNBC's Rick Santelli, "the point is that the union has produced this disaster; and the people who put the disaster in place hail it as a success. are they crazy? If they are, that's pretty disturbing! If they're not crazy, then the question of why they have done it is more disturbing." In a few brief minutes, uninterrupted by an anchor desperate for silver linings, Connolly explains to Santelli when asked of the future, that nothing will change in the short-term, "the potential ways of getting out of the mess are simply unthinkable," to both beggar and chooser, adding that "you have a cycle of deflation, depression, default, more banking crisis, more sovereign debt crisis, and social and political crisis." Simply put, Connolly concludes on social unrest, "I don't see any way of avoiding it."