it means everyone’s 40k is about to take a big hit. obama says it’s all fine, though, and he’s an expert on everything. he says that greece is the JV of international economies.
I’m sure we’ll all be fine.
crap. correction. 401k. doh!
I suspect a mandate to buy 2% federal bonds to reduce the volatility in people’s 401Ks, not a direct 30% haircut. Then they slowly ratchet up the federal bond percentages, under the fiduciary obligation rules to give people sound financial advice.
That being said none of the people in the picture look they are emaciated and hungry. Coming to a country where you live.
I just want to be fat and happy.
Build the Walmarosium.
bump
The EU was enherently unstable. They standardized their currency but not their fiscal policies. So the individual countries can’t print money like we do when the government overspends. (Government spending is fiscal policy. Governments printing money is monetary policy.) So, if Greece implodes it will likely start a chain reaction taking down Portugal, Ireland, Spain and Italy. The “monetary” union will likely blow apart. The impact will probably be worse than the US housing bubble burst which sent the entire world into a depression which we have not come out of yet. (Only about three percent of the mortgages went bad, but they’d been sold as derivatives thus multiplying the effect.)
We can probably expect the stock market to do some wild gyrations. But, so long as the US doesn’t try to stabilize the Euro we should be okay.
Nah, Greece is really just a pimple on the behind of the world economy. They can do themselves in without causing much economic damage.
Now, if they turn to the arms of Putin, however, things could get interesting from a geopolitical perspective.