This just sent a chill down my spine. Sounds way to familiar...
"Zapatero told his party members that France, Italy and Spain had formed a united front against Germany at the Brussels meeting and that Sarkozy had threatened to break up a traditional France-Germany "hold" on the rest of Europe, according to El Pais."
No Lives Matter
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
"Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911
For those who are interested, the following are some excerpts from Mr. Crook's piece (consistent, of course, to DP's guidelines concerning "fair use."):
A country whose government borrows beyond its capacity must eventually pay the price. Greece does teach that lesson, in case anybody had forgotten it - and in the US, some have. But the greater worry for the US at the moment is not that Europe shows where it is heading but that secondary effects from Greece and any widening emergency will squash its fledgling recovery...
Financial contagion is the other big risk. Suppose Greece defaults. That will spread losses across the European banking system. Pressure to default could mount on other European countries, starting with Portugal and Spain but maybe spreading further. Just how badly US banks and non-banks are exposed to to these risks - directly, or through credit default swaps and other derivatives - may be unclear until it happens. Any new financial waves would crash over a US government whose fiscal capacity is all but maxed out and a country whose willingness to rescue banks is exhausted.
In short, Mr. Crook argues that Greece is not a strictly European problem. What happens there would have an impact on the U.S. He also notes that he expects Greece to default in the end and that Greece's departure from the Euro is a possible scenario. Those outcomes, he warns, would affect the U.S.
"He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
US faces one of biggest budget crunches in world – IMF – Telegraph Blogs
mervyn king is tragically confirmed
united states debt will exceed 100% of gdp by 2010, says imf
steepest incline of obligation in the developed world
health care costs and pensions, ie, the trajectory of the cost curve, are climbing 5.2%
only russia in the g20 owes worse
we are also exposed to a "far shorter" maturity of govt debt than anyone but japan
these are the reasons "why the us, according to the imf’s projections, has more to do than any other country in the developed world (apart from japan) when it comes to bringing its debt back towards sustainable levels"
a couple "advantages" holds uncle sam, tho:
1. he's no part of any union, thus has the ability to devalue his currency (no kidding)
2. he has a better growth rate than the states of southern europe, whom the imf has been all over for their anemic expansions
more presidential fingerprints
Geithner Says Europe Will Fix Sovereign-Debt Crisis (Update1) - Bloomberg.com
good luck with all that