Europe is just around the Corner
In recent weeks I am amazed at the yawns and shrugs I get when Europe is mentioned. Remarks like “So what,” “Who cares,” and “We have our own problems,” show total apathy on the part of many in the US when the European debt crisis is mentioned.
What many have failed to realize is that what happens there happens here too.
Let me explain.
The European debt crisis is tied to many US financial concerns. Many 401K and IRA holders have funds invested in European securities, holdings and financial institutions. In the event of a default those holdings get pissed away. The losses could be tremendous.
Like the financial institutions that got bailed out here (much of the money has been repaid) the IMF (International Monetary Fund) is primarily funded by the US ie we the taxpayers.
This isn’t a case of damn if we do or damn if we don’t. It’s more like we damn better get involved. US jobs are tied into the crisis and will be severely impacted if we do nothing. We also have to remember that we still have to repair fences in Europe that were damaged when Bush was the head honcho.
In other words, we can debate all day long about not following Washington’s advice when he left office:
"It is our true policy to steer clear of permanent alliances with any portion of the foreign world..."
In the end, things here will get worse if we don’t do something.