Warning Signs: The World is Having a Nervous Breakdown:
By Alan Caruba
If one has been in the habit of reading history then the events of the past and of the present inform each other. For this reason, it occurred to me that the world is once again having a nervous breakdown.
It’s not just about money, though surely the nations of Europe along with the U.S. have spent themselves into the poorhouse in ways that defy the imagination. If it weren’t so serious, it would be comical to see the desperation that has led our Federal Reserve to print money backed by nothing and to watch the central bankers of Europe move gobs of euros around between the new mother church, Germany, and the banks of Greece, Spain, Ireland, and Italy so that they can pay their bills.
They’re all broke. We have individual States that have a higher GDP than Greece that have balanced their budgets. Those are usually the States whose constitutions require they balance their budget. The rest are run by governors torn between taking the federal largess intended to deprive them of more sovereignty and hoping that the next natural disaster hits the State above or below them instead.
Tuesday, September 27, 2011
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