Don't count on governments in Europe to come up with a solution to the financial crisis either. http://burndownthefreakingmission.com
The financial
crisis in Europe has become so severe that it has put the future
of the euro, and indeed the future of the EU itself, in doubt. If
the financial system in Europe collapses, it is going to plunge
the entire globe into chaos. The EU has a larger economy and a larger
population than the United States does. The EU also has more
Fortune 500 companies that the United States does. If the financial
system in Europe breaks down, we are all doomed. An economic collapse
in Europe would unleash a financial tsunami that would sweep across
the globe. As I wrote about yesterday, the nightmarish sovereign
debt crisis in Europe could potentially bring about the
end of the euro. The future of the monetary union in Europe
is being questioned all over the continent. Without massive bailouts,
there are at least 5 or 6 nations in Europe that will likely soon
default. The political will for continued bailouts is rapidly failing
in northern Europe, so something needs to be done quickly to avert
disaster. Unfortunately, as anyone that has ever lived in Europe
knows, things tend to move very, very slowly in Europe.
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