Future generations might ask: Where was America when the economic lights across Europe went off? Watching "Dancing With The Stars"? As Americans today are encouraged by its dysfunctional mass media to fixate on all things sexual (Herman Cain, Kim Kardashian, Chaz Bono, et al), the European Union slouches towards considering extreme measures to save the Euro currency - & the global economy itself:
Finance ministers from the euro zone's 17 member nations have converged on the European Union headquarters in Brussels today in a desperate bid to save their currency and to protect the global economy from a debt-induced financial crisis.
The ministers were discussing ideas hitherto unthinkable, now being considered in a moment of utter desperation. Among the previously taboo ideas being mentioned today are: countries ceding fiscal sovereignty to a central authority; some sort of elite group of euro nations that would guarantee one another's loans but require strong fiscal discipline from anyone seeking membership.
How serious is this looming crisis? Well, China administered rough justice to 14 billionaires (its version of the "1%") over eight years for corruption. That approach may find favor with Europeans who might be shocked - shocked! - that the equally corrupt practices of an elite clique of crony capitalists might leave them in financial ruins. It invites comparisons with The Great Depression in its potential magnitude:
The world is watching Europe, waiting upon a solution. It's not just the euro that's at stake. If the euro fails, so too does the 27-nation European Union. Bank lending would freeze, stock markets would likely crash, and Europe's economies would follow. Nations in the euro-zone would see their economic output decline, though temporarily, by as much as 50%, according to UBS forecasters. That economic meltdown would then spread to the U.S. and Asia, who would find themselves caught up in the credit freeze while their exports to Europe would collapse.