US Action News

[B]ank stocks plunged throughout the continent and impacted the general markets as well. Interest rates climbed and the Euro broke below $1.28 for the first time since September 2010.

All these downgrades and rating warnings are not only putting further pressure on the debt crisis now going on for 2+ year, but is also sharpening the picture of a possible breakup of the Euro Zone.

Europe’s financial collapse is the result of extravagant deficit spending and the increased percentage of the population dependent on government handouts, which their people have begun to believe are entitlements. Europe’s cultural collapse is the result of allowing a tsunami immigration of people who will not assimilate into European civilization, will not obey the laws of their adopted country, and stubbornly retain their loyalty to and customs of their native land.

Europe’s financial collapse is the result of extravagant deficit spending and the increased percentage of the population dependent on government handouts, which their people have begun to believe are entitlements. Europe’s cultural collapse is the result of allowing a tsunami immigration of people who will not assimilate into European civilization, will not obey the laws of their adopted country, and stubbornly retain their loyalty to and customs of their native land.

No “immediate” crash of the Euro. Where will the trillions come from? UK says no.

When there are more losses, and there will be, the only way to guarantee banks do not take them, is to have someone else take them, namely taxpayers.

While Obama pushes the US toward socialism the Europeans face the reality of having run out of other people’s money.

With the situation in Europe deteriorating and the increasing recognition that there is no solution, capital will leave these banking systems as well as flee the countries involved. If you fear bank failure, you take your cash out. If you fear currency failure, you put your money into safer currencies, preferably outside of the country.

Until there’s a fundamental and structural change of how government is held accountable for running and managing a nation’s resources, there could be more crises similar to the one in the Euro Zone popping up to the point of one Scary Grandioso–No more spare bailout capacity.

The actions of the Central Banks signal how desperate the situation is. Nothing was done to help Greece, Spain or the other insolvent European sovereigns. Yesterday was an attempt to keep the dysfunctional world financial system going awhile longer.