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| Greece one |
The
Hill is reporting republicans in congress are considering measures to stop the IMF in their efforts to, in effect, restructure in a way to make it easier to bail out some of the more troubled European markets, e.g. Spain and Italy (Greece is toast). Our contention has been that, The U.S. is broke and since the U.S. is major source of funding for the IMF, how can "We the People" afford to bail out European countries that even Germany, the strongest member of the EU, is reluctant to bail out. U.S. citizens get few of social perks that France, Italy and Spain's citizens do. Maybe we should be putting the shoe on the other foot and ask them to bail us out since they seem reluctant give up a few of their benefits.
And no we are not in denial regarding the double-edged sword effect allowing the EU to break-up or crash would have on the U.S. and the world economy. In fact the financial markets are already retreating on the news, despite the "fixed" U.S. Unemployment rates.
