PressTV: Eurozone stuck in economic death spiral: Economist

[ Editors Note:  I had never heard of Bill Still in North Carolina before this morning. Below is an impressive 4.5 minute interview which is definitely worth your time to watch as it is a gem.And there is not just a little irony meeting a new guy from NC with a last name like Still !!
And yes, I have been on the look up for more back up for my emerging theory that what is driving the push for successful Iran nuke/peace talks is the realization in the EU that they ARE caught in this death spiral and there is not time to waste finding any foreign export trade that they can.
There are not too many countries that aren’t loaded under with debt and sitting on eons of energy. This has turned on the light that Iran is more valuable as desperately needed catalyst for trade growth than as a boogeyman to stimulate the military industrial complex folks.
Of course that crowd, including Israel, look at it just the opposite…that instability and the threat of conflict are key to their brand of national security.
This is the battle that I now see shaping up, with the lines somewhat blurred as their are usual slime balls (like Britain’s Hague) placing bets (the verbal kind) on red and black at the craps table so they can claim later to have chosen wisely.
The big surprise to me in this was Still clueing me in that the ‘quantitative easing’ numbers had been added into the GNP numbers to inflate them. This seems to have been a panic mover to try to show some statistical improvement by hiding how bad thing were. He also says the same hustle had been used here…more proof that you have to be watching the SOBs constantly… Jim W. Dean ]

Bill Still said in an interview with Press TV on Friday that the countries with the euro as their legal tender are “probably in full-blown depression.”

“It is impossible for them (eurozone nations) to improve this situation. They are basically in economic death spiral because their quantitative easing no longer stimulates GDP (gross domestic product),” he said.

Still noted that the eurozone could not find a way out of “this debt money box,” saying they have “absolutely no control over their national economic outcomes at this point.”

“These nations are gradually seeing the euro as a sign of economic failure, not the success that its proponents had claimed it would be, and this is just typical for this over-consolidation of power. It is not going to work; it is ultimately going to crash,” said Still, the author of The Money Masters.

He recommended the eurozone countries to drop out of the euro and “return to their own sovereign monies.” “You should not have big transnational organizations because the people of the country lose what I call ‘buy in’,” he said. Europe is struggling with an economic crisis that erupted in early 2008, leaving millions unemployed and in financial distress. The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered massive protests in many European countries. “If you do not feel like you have some part in your own national governance, then the people lose interest in helping to support their nation state and the whole thing eventually is destroyed,” said Still.

_______________________________