US Action News

The government devised a plan to levy a 10 percent tax of all citizens’ savings in order to bail out the struggling nation. This ill-advised plan sparked panic across the globe …

Too many in power just don’t see the impending crisis that you and I see, or at least they don’t see the need to act now.

Could it be that rich and productive countries are tired of subsidizing social welfare, re-distribution of wealth schemes, failed multiculturalism, and sloth?

The first structural problem is preposterous labor work rules in Italy, Spain, and Greece. The second structural problem is the ECB and the euro itself. One size interest rate policy cannot possibly work in a mix of cultures and work rules.

Those governments are all bankrupt. But much more serious than financial bankruptcy is their total moral and intellectual bankruptcy. At this point the Europeans are so craven and degraded they deserve to be indentured servants of the Chinese, which they will be.

The truth is that the financial crisis in Europe has not been cancelled – it has just been put off for a few weeks or a few months.

The situation has become so critical that European leaders reportedly are working on the issuance of joint euro bonds to rescue euro. That might save the euro, but here’s one scary question for all–How long can this bailout train and money printing press keep on running?

I talked with a Swiss banker from Geneva today. The conversation went like this:

This should bury the notion the eurozone recession will be short and shallow.

Needless to say, if Europe once again descends into the vortex of economic privation, religious and/or ethnic “cleansing” and possibly strife that has happened so often there, our own tranquility and prosperity will be jeopardized, as well.