IPFS News Link • Economy - International
IPFS News Link • Economy - International
The financial crisis in Europe has become so severe that it has put the
future of the euro, and indeed the future of the EU itself, in doubt. If the financial system in Europe collapses, it is going to plunge the
entire globe into chaos. The EU has a larger economy and a larger
population than the United States does. The EU also hasmore Fortune 500 companies that the United States does. If the financial system in Europe breaks
down, we are all doomed. An economic collapse in Europe would unleash a
financial tsunami that would sweep across the globe. As I wrote about
yesterday, the nightmarish sovereign debt crisis in Europe could
potentially bring about the end of the euro. The future of the monetary union in Europe is being questioned all over
the continent. Without massive bailouts, there are at least 5 or 6
nations in Europe that will likely soon default. The political will for
continued bailouts is rapidly failing in northern Europe, so something
needs to be done quickly to avert disaster. Unfortunately, as anyone
that has ever lived in Europe knows, things tend to move very, very
slowly in Europe.