As the following article points out, the solution to the financial collapse of the European Union will be solved. Sometime. No really, sometime. As the EU is finding out, the fiscal mismanagement by politicians who sold their nation’s future by buying votes has consequences. But what of the countries who have worked hard to give a future to their children instead of pandering for social justice? It appears that the Germans have had enough and this upcoming week will prove to the world that there is no viable solution to their continued future other than a war.
The United States is facing the same crisis with some variations. Our Greece is the 47% of the people who do not pay taxes but want the remaining 53% to pay their fair share. Of course, no one will every define this “fair share” since they are already paying over 50% in taxes. I know that they say only the top 1% should pay more but envy has a way of encompassing anyone who is perceived to have more than you. Unfortunately, our Greek debt is much larger than the debt of the EU and the irresponsible fiscal policy of the Federal Reserve and the administration has given us a hopeless future.
The dominoes of debt are toppling in Europe, and there is no way to stop the forces of financial gravity.
After 19 months of denial, propaganda and phony fixes, the political and finance leaders of the European Union are claiming a “comprehensive solution” will be presented by Wednesday, October 26— or maybe by the G20 meeting on November 3, or maybe on Christmas, when Santa Claus delivers the gift global markets are demanding: a “solution” that actually pencils out and that forces monumental writeoffs of debt and thus equally monumental losses on European banks and bondholders.