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All over the world there are signs that economic activity is significantly slowing down.
Christian Lagarde, the head of the IMF, said this week that if dramatic action is not taken immediately we could actually see conditions "reminiscent of the 1930s depression" and that no country on earth "will be immune to the crisis". Right now, financial panic is sweeping across Europe, but most Americans are not too concerned about it because they simply don't understand how important the EU is. The truth is that the EU has a much larger population than the United States does. The EU has an economy that is nearly as large as the economies of the United States and China combined. The EU has more Fortune 500 companies that the United States does, and the banking system of Europe is substantially larger than the banking system of the United States. Anyone out there that believes that a massive financial collapse in Europe would not dramatically affect the rest of the globe is being delusional. The European debt crisis is one of the biggest stories that we have seen in a long, long time and the coming financial meltdown is going to permanently change the global economy.
Standard & Poor's is expected to cut the credit ratings of Italy, Spain and Portugal by two notches and downgrade France and Austria by one notch, according to several reports.
Originally posted by seabag
The EU will collapse soon and will take the US with it, I have little doubt.
During "the Obama Nation", the federal government has already accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office. Of course the Bush administration was nearly as bad at piling up government debt. Between Bush and Obama (with a big helping hand from the Federal Reserve), they have done a pretty good job of wiping out the financial future of the United States.
If there are future generations of Americans, they will look back and curse those that did this to them. It is absolutely immoral to steal trillions of dollars from future generations. Unfortunately, there are very, very few members of Congress that are even objecting to this madness.
Originally posted by THE_PROFESSIONAL
Step 1 - economy does bad
Step 2 - start war to make more jobs
Step 3 - print more fake money to pay for war
Step 4 - value of money goes down, its purchasing power goes down
Step 5 - Prices go up
Step 6 - people must work harder and more hours for same amount money which is less valuable. Instead of working 60 hours, people must work 80 to hundred hours.
Step 7 - revolutionedit on 14-1-2012 by THE_PROFESSIONAL because: (no reason given)