European banks are in trouble because some of the money they loaned out will not be repaid because growth is no longer possible.
Expect the wise new rules that require bank owners and customers to bail out banks to be changed so that governments once again can bail out the banks.
Large sums of money in excess of $100,000,000,000 will probably be required.
No government has any savings. All of the bailout money will have to be borrowed on behalf of taxpayers.
Governments cannot repay the debt they already have, let alone another $100,000,000,000+.
Money borrowed by a government that does not have the means to repay it is printed money.
This means we are choosing to destroy the value of future money rather than have less money today.
This will prove to be a serious mistake.