Posted on 05/23/2010 10:07:26 PM PDT by Ernest_at_the_Beach
If the trouble starts -- and it remains an "if" -- the trigger may well be obscure to the concerns of most Americans: a missed budget projection by the Spanish government, the failure of Greece to hit a deficit-reduction target, a drop in Ireland's economic output.
But the knife-edge psychology currently governing global markets has put the future of the U.S. economic recovery in the hands of politicians in an assortment of European capitals. If one or more fail to make the expected progress on cutting budgets, restructuring economies or boosting growth, it could drain confidence in a broad and unsettling way. Credit markets worldwide could lock up and throw the global economy back into recession.
For the average American, that seemingly distant sequence of events could translate into another hit on the 401(k) plan, a lost factory shift if exports to Europe decline and another shock to the banking system that might make it harder to borrow.
"If what happened in Greece were to happen in a large country, it could fundamentally mark our times," Angelos Pangratis, head of the European Union delegation to the United States, said Friday after a panel discussion on the crisis in Greece sponsored by the Greater Washington Board of Trade.
(Excerpt) Read more at washingtonpost.com ...
New York Times ran a great graphic that showed all the billions in cross-borrowing between many European nations. Looked just like a pyramid scheme. It will be a miracle if it does not come crashing down.
BLOAT and buy as much canned food as you can afford and store water.
If the trouble starts — and it remains an “if” —
“If”, my rear. “When” is more likely.
We’re in for it.
The Europeans need to do is to make severe cutbacks in their social “saftey net” programs. Sweden spends 31 percent of their GDP toward social spending.
EuroSocialism is beginning to completely collapse.
Greece is unsustainable as a nation state thanks to the leftists.
The very same psychotic EuroSocialism the democrats are creating in the USA as we speak.
Obama has his excuse for a double-dip recession (aka depression) right here. The economic recovery was going great, but then those dang Europeans ruined things.
Correct. It's called socialism.
Correct. It’s called socialism.
Exactly!
Obama has his excuse for a double-dip recession (aka depression) right here. The economic recovery was going great, but then those dang Europeans ruined things.
And the idiots here will go along with any thing he wants.
I’m afraid the elections this Nov. might only act as a little speed bump.
Yep. Unfortunately, I agree.
‘One wrong move’... You see, it’s a house of cards and now practically everyone is saying it.
would love to see that graph
‘One wrong move’... You see, it’s a house of cards and now practically everyone is saying it.
We only have to look at the odds of something not going exactly as planned.
Me too.
The New York Times is becoming increasingly accurate of late. What’s up with that?
The “trouble” started in Nov. 08 when the idiots elected Obambi and Pelousy.
It all starts with socialism when we ran out of “other people’s money”.
Oh No!
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