How enlightened Europe could get suckered by and sucked into the Great American Meltdown is bewildering. Those with some distance and perspective should have seen that the American economy was hollow and vacant as early as 2005 if not earlier. Countries such as Iceland and Ireland – good people all – and cities, towns, and villages throughout Europe largely brought it on themselves because they bought the lies and the poison from America. The financial products exported from America had to look suspicious at the time.
Europe should boycott America. Really. In a rational and purposeful way. Purchasing and holding dollars may make economic sense in the future. If so, buy bucks. The decision may get more problematic when the dollar is no longer the world’s reserve currency.
Holding American bonds may make economic sense in the future. If so, investigate them with care and acquire them. Keep in mind that American municipalities and other political subdivisions can file bankruptcy.
However, the financial sector in America is corrupt to the core. O’Bama is trying to clean up the mess, yet he cannot surmount the entrenched financial community. Only powerful financial/economic/political market forces will compel change in the American financial markets. The pressure may need to come from overseas.
Bumper sticker of the week (sported on a red Renault convertible sports car):
USA: Fool me once, shame on you; fool me twice, shame on me.