European Banksters are Desperate

If the European Bankers are really suggesting that they actually require help from the Chinese. then their economic situation is much more untenable that anyone understands.  But that is exactly what seems to be the case as indicated by the following, as reported by Bloomberg News - Nov 9, 2011 9:25 AM ET

 “International Monetary Fund Managing Director Christine Lagarde warned of the risk of a “lost decade” for the global economy unless nations act together to counter threats to growth.

“In our increasingly interconnected world, no country or region can go it alone,” Lagarde said in a speech to a forum in Beijing today. “There are dark clouds gathering in the global economy.” China and India echoed the call for cooperation in a separate statement.

Advanced economies have a “special responsibility” to restore confidence and lift growth, while China should boost consumption and allow its currency to rise, the IMF leader said. European leaders are looking to China as a potential source of funds as a sovereign-debt crisis threatens to engulf Italy, the third-biggest economy in the euro area.. . "

It is quite apparent from statements such as these, that  Lagarde and others amongst the World Banking Class (WBC) really have no clue as to the serious nature of this WORLD-WIDE and systemic economic down-turn.  

In other words, they simply have no comprehension that this down-turn is NOT cyclical but rather generational and of the type so clearly identified by Kondratieff almost 90 years ago.  For example, she said that, "... China should boost consumption..."  

Does she have the slimmest of understanding of the metrics of the Chinese economy?  Consumption is very barely 30% of their economy, AND they have no ability to boost consumer spending when their exporters are laying off workers by the tens and the hundreds of thousands, AND they are on the tail end of their very own Real Estate "Bubble" that is right now on the verge of exploding and sending their economy careening into the abyss with the rest of the world!