Read carefully this article that focuses on the Prime Minister of Britain. He is not exaggerating in the slightest when he says that there are perhaps DECADES of financial woes ahead for his country. And, as we know, as goes Britain, so goes the rest of Western Europe. Here is a quote that gives the flavor:
Mr. Cameron said that at more than 11 percent, Britain’s budget deficit was the largest ever faced by the country in peacetime. But he warned that the structural deficit was more worrisome. Britain currently owes a total of more than $1.12 trillion , he said, and in five years will owe nearly double that if nothing is done now.
Considering their relatively small Gross Domestic Product (compared to the US) this is an almost insurmountable problem for them. What can we take away from that? Namely that most other western nations are next. The conditions that existed for their economic demise are at our doorstep as well. But what has lead to this? Surely not the current recession? Nothing is ever that simple…except perhaps Read the rest of this entry ?