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.

Could it spread? To the US?

The easiest way to deal with a debt spiral is to let it keep going and going. That is what the United States has done. Sure, “kicking the can down the road” makes the crisis much worse in the long run, but bringing the pain into the present is not a lot of fun either.

“you have decided to head off on the Titanic towards economic and democratic disaster and we are now in a lifeboat outside the Titanic, but we’re threatened by a bow wave that is going to come and engulf us if we’re not careful – and it’s retribution – We’ve heard the language of retribution this morning – financial market legislation is going to be imposed upon Britain and we will have no influence whatsoever over any of it.” – Nigel Farage MEP and Co-President of Europe of Freedom and Democracy

“I think the periphery goes into depression. When you look at a country like Greece, it’s now been in recession for three years. GDP is probably down 15% from the top. The stock market is down 90%, which is the equivalent of 1929 to 1932 in the US. This is depression-like. – Business Insider

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.