Paul Mason: Alien 2010 – will this toxic spillage burn through the Euro?


He always delivers value and this is no exception!

(c) Paul Mason 2010

In the original Alien movie (1979) there is a scene that illustrates the problem we’ve been facing since September 2008, and which is coming to a head now (I’ve produced a handy graphic opposite).

Somebody stabs the alien: but its blood is acid. It burns through the floor of one deck and one character realises: "that cr*p’s gonna burn through the hull!"

They run to the next floor, but it’s already burning through to the next deck. Finally it stops: the acidic properties neutralised through interaction with the metal decks, the air, the demands of Hollywood storytelling.In the global financial crisis the acid is toxic debt.

The first thing it hits is the real economy: output, trade and the stock markets, which tank in the last two months of 2008 at the same rate as during the post-1929 crash. The acid quickly burns through here.

via BBC – Newsnight: Paul Mason: Alien 2010: will this toxic spillage burn through the Euro?.