The $1.4 trillion European rescue plan “is an unfunded program that will be the basis of a depression” for the euro-region, according to Carl Weinberg, founder and chief economist at High Frequency Economics.
The money for the rescue “will be funded out of consumption and investment,” Weinberg said today in a radio interview on “Bloomberg Surveillance” with Ken Prewitt and Tom Keene.
Weinberg, who was a member of the bank advisory group for Latin America during that regions debt crisis in the early 1990’s, added that “this is the start of a very dark period for Europe.”
To contact the reporter on this story: John Tucker in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Will Daley at email@example.com