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If you have kids,,,, well,,, I'm sorry.
Worries about other indebted nations have helped the sale of American treasuries, which are less risky. But this can’t last long. At best, it’s bought us some time.
One big difference.
Greece is a non-entity in the grand scheme of world affair’s. We are the most powerful country in the world. We can force the world to take our crap in a way that Greece can’t
“What started as a US financial crisis plunged Europe into recession...”
That is a gross over-simplification. The whole world was in financial crisis. It was simply the US market system that first shouted, “The Emporer has no clothes!”
A market system will always lead socialist politician-controlled systems. They lead on the way up, and they lead on the way down, and the reason is simply that market systems are much better than politicians at figuring out which direction the prevailing economic wind is coming from and how strong it is, so they figure it out first, and the socialist economies follow once they see the writing on the wall. It has nothing to do with a spreading contagion. It’s simply the efficiency with which various economic systems decode economic realities. The market-oriented systems do it faster.
If you want something to worry about, take a look at any strip mall, industrial zones or indoor malls. I’d guess there is about a 30% vacancy rate. We are on the harry edge of a collapsing dollar. I don’t want to underestimate the potential of the American economy, but I can not see any way out at this point.
No, Europe had way too much debt long before the recession started.
“fears of a wider sovereign-debt crisis and heightened concern about US government borrowing.”
But our dear leader has assured us that this insane government spending is leading us down the road to recovery!/sarc
We need to start questioning the debt backed money system.
http://www.swarmusa.com/vb4/content.php/194-Freedom-s-Vision-In-a-Nutshell