The Guy Who Predicted the Eurozone Crisis 17 Years Ago

Bernard Connolly, former economist for the European Commission and author of the book, The Rotten Heart of Europe: The Dirty War for Europe’s Money, explains that the European Union was doomed from the start. In fact he said so over a decade and a half ago in the book, and was then fired in a very ugly and public way by the Commission for saying it. No one likes the wet blanket I suppose.

(From The Wall Street Journal)

As far as Mr. Connolly is concerned, Europe’s heart is still rotting away.

The European political class, he says, believes that the crisis “hit its high point” last summer, “because that was when there was an imminent danger, from their point of view, that their wonderful dream would disappear.” But from the perspective “of real live people, and families and firms and economies,” he says, the situation “is just getting worse and worse.” Last week, the EU reported that the euro-zone economy shrank by 0.9% in the fourth quarter of 2012. For the full year, gross domestic product fell 0.5% in the euro zone.

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