(3-28-13) As has always been the case in the past, global economic collapse will once again be triggered through a European event. Why? Because Europe, fiscally speaking, has never really recovered from the Dark Ages.
It sounds strange to say that, but they never really have. European prosperity really peaked during the so-called Baroque Era, during the early times of the great Hanoverian trade guilds of Northern Europe. That's what really brought back prosperity to Europe after the Dark Ages and into the Middle Ages.
Unfortunately Europe has never been able to establish a real trading system that has been able to last amongst the various European nation-states. Also their constantly competing interests and their political need to protect their own nation-states has ensured their political, economic and military divisions.
Actually these were city-states, but first they were Hanseatic and then Hanoverian guild that really brought prosperity for the first time to Europe because it was an organized trading system with a common currency.