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Already we are seeing world financial markets getting rattled by all this news.
Fears regarding what is happening in Ireland, Greece, Spain and Portugal helped push the Dow Jones industrial average down nearly 200 points on Tuesday.
But the real story is that this financial crisis in Europe could potentially cause the break up of the euro and of the European Union.
The truth is that the euro and the European Union are inseparably linked at this point. In fact, EU President Herman Van Rompuy is warning that if some of the weaker countries in Europe are forced to abandon the euro it will likely cause the total destruction of the European Union....
"We’re in a survival crisis. We all have to work together in order to survive with the euro zone, because if we don’t survive with the euro zone we will not survive with the European Union."
German Chancellor Angela Merkel is also warning that a failure of the euro could bring down the entire European Union....
"If the euro fails, then Europe fails."
Yes, things really are that serious in Europe right now. In order for the euro and the European Union to hold together, two things have got to happen. Number one, Germany and the other European nations that are in good financial condition have got to agree to keep bailing out nations such as Ireland, Portugal and Greece that are complete economic basket cases. Number two, the European nations receiving these bailouts have got to convince their citizens to comply with the very harsh austerity measures being imposed upon them by the EU and the IMF.
Originally posted by FlyingJadeDragon
Great video. I like following Gerald's work and hadn't seen this one yet. I'd like to point out that while everyone is fixated on the Euro crisis, there's a new disaster getting ready to unfold in America: the bond bubble.
The current bond bubble crisis is scary because if the EU/Euro zone fails, the U.S. will be left with even fewer investors to buy its debt as countries like Germany will be gridlocked into bailing out the failing EU members. Looks like things are going to get really 'interesting' over these next few weeks? months?