----- Original Message ----- Joanna: "How would it be a bad thing for the 99%?"
[WS:] It is not that difficult to envision this. If countries have problems borrowing now, with the fall of the euro they will have no other option but to print money in large quantities. Maybe not Germany of France, but Greece, Portugal, Ireland, Spain or Italy. That would likely trigger serious inflation (if not hyperinflation) that will wipe out savings and pensions. It will further suppress credit and demand - which is bound to trigger a recession and unemployment. The 1 percent will probably speculate its way out of this mess, and maybe even make money, but the 99 percent will bear all the costs.
-- But the alternative is debt slavery which would result in the destruction of social benefits....including pensions. It would also result in the destruction of democratic governments and the rule of Finance owned technocrats. What's so good about that?
A deflationary spiral is the unavoidable result of neoliberal policies. I'm not saying hyperinflation is better, but who's to say hyperinflation is the only alternative.
Joanna