This is going to be a very short diary since I've written at length about this issue in previous diaries. The European (Eurozone) and the U.S. financial systems will collapse because they are insolvent due to massive fraud.
By now we all know the narrative... Massive ponzi schemes involving worthless mortgage-backed securities; massive credit default swaps and derivatives liabilities in the tens of trillions of dollars; top executives of these (financial) criminal enterprises have cashed-in big time, and tens of billions of dollars in fees have been distributed to a tiny cabal of financial criminals at the highest levels of the financial system.
The politicians in Europe, and the United States, including Obama, are trying to prevent the dam from breaking, motivated by multiple reasons. Some of them are just not that bright; some (the majority) are just plain sycophantic money-grabbing leeches. But they know (or must know) that the system is insolvent.
These (mainly corrupt, and on the take) politicians are lying to the citizens of their countries, including Greece, Italy, England, Spain. Greece recent turn-about deciding to put their recent "debt" deal to be voted in a nationwide referendum may be a tiny signal that they are beginning to realize that they have been duped and are dealing with a totally corrupt financial system that's seeking to turn the populations into paupers, crushed under the burden of "austerity measures" while the criminal bankers benefit.
(My take is that) There is going to be a massive, shocking, catastrophic world-wide financial collapse, and the criminal international plutocracy is going to use it as a blunt tool or "shock doctrine" to further enslave the populations of Europe and the United States.
The only likely solution is to decouple the countries' economies from the insolvent and totally looted international banking system, break up the banks, investigate, indict, prosecute, and incarcerate all the bad actors (starting at the top), and come up with macro-economic emergency measures, including starting up the printing presses and carefully implement policies to properly fund government functions, pensions, individual saving accounts. Similar things have been done in the past, including after the Great Depression, and after the Savings & Loans looting.
One difference is that the looting this time is probably 100 times bigger than during the savings and loans days.
Get ready for these events...