It’s really amazing when you think about it – that we are no longer in an economic recession in this country, alone. Instead, it’s spread into the rest of the world, and now has infected Europe like a canker sore. The US continues with its infighting (House against Senate; Republican against Democrat) trying desperately and (might I add) feebly to fix our economic problems. Congress has failed miserably every step along the way because of petty bickering. Now, the issue is whether we should stop giving tax breaks to the filthy rich (those making more than $1 Million a year) and letting them pay just as much percentage as everyone else. And don’t get me started about certain parties refusing to let the Bush-era tax breaks for the rich end – because we know that means the individual morons blocking that change are the same morons who would finally be contributing to the economy and thus helping to bail out this country without outside help!

But I digress…

Now we have our sights set on what’s going on in Europe where Standard & Poor’s has downgraded Italy’s pristine credit rating from A+ to A. Sounds familiar, huh? Because it happened to the US just a few, measly weeks ago. And there’s still the danger of Italy defaulting on their dept.

On top of that, now we have to worry about Greece defaulting – and they’re scrambling to get other European countries to help bail them out with more money so they don’t default because of the fear that if they do default, it could send financial reverberations around the world. Yet others offer it will actually be better and easier for the world’s economy if Greece should default, because the shockwaves would rock the world markets for a short time, and then go back to regular business. Greece would be relieved of a mountain of debt it can no longer pay, which is easier than sinking billions of dollars into Greece’s bailout and just putting off the inevitable.

So if you’re anything like me, by now your head is probably spinning trying to digest all this rubbish. It’s almost like a bad Abbott and Costello “Who’s On First” skit. But seriously – where does all this money come from that the countries are borrowing? Who has it? The banks were going bust and we had to bail them out! The market isn’t the place to go, unless you looking for a really good sale on stocks. So, if every country in the world is in debt up to their nipples, who’s forking over the money?

The US was in danger of defaulting unless we raised the debt ceiling (which they did). Greece is in danger of defaulting on their debt. Italy is in danger of defaulting on their debt. Argentina defaulted in 2001; Russia in 1998. So, if everyone’s in debt, and everyone is in danger (at least at some level) of defaulting, where’s the money? The US can’t be borrowing it from any other country, they’re all in debt! None of the other countries can get it from the US, we’re in debt! Is it the credit card companies?

Hello, MasterCard? … Do you take Visa?!?

From all the work we’ve outsourced, I’m thinking it’s China and India that’s holding all the cash. Perhaps we should brush up on our Mandarin?

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