In my last post, I looked at some recent data examining the U.S.’s financial time bomb. Is Europe facing a similar financial time bomb or can we look to it for help, inspiration, and great economic ideas?
II. The European Financial Time Bomb
Returning to the U.S. Debt Clock (which I discussed in my previous post), you’ll see at the top left of the screen a link to “World Debt Clocks.” Click on that link and you’ll see a showing of the Public Debt to GDP and External Debt to GDP ratios. If you’ve been following the news about the PIIGS (Portugal, Italy, Ireland, Greece, and Spain) you’ll appreciate what you see.
These countries are so awash with debt that they cannot dig themselves out. And France and Great Britain are joining the club too. Don’t look to Europe for solutions, they only have problems.
A lot of the European problems stems from the imposition of a single currency, the euro, on a congeries of countries with very different cultures, languages, and most importantly: different economic and social policies.
Continue Reading Bankruptcy Is The Wave Of The Future – Part II