Spain's unemployment rate just hit 27.2%, which is 2% higher than the U.S.'s worst unemployment rate at the height of the 1930's Great Depression. And economies in Italy, Portugal, Greece, Cyprus and elsewhere in Southern Europe are sinking as well.
Some European political leaders and financiers think they will be immune from what is happening among their Southern peers. They will be wrong. And economies from all over the world will eventually feel the impact.
For none of us is immune from what happens to our brethren. When their pain is severe and we do relatively little to assist them, we are not only insensitive to their suffering, but helping to establish our own suffering, even as we foolishly sit on the sidelines pretending geographic distance will protect us.
Dear Reader, I share this information with you to help keep you aware of what is happening and to encourage you to be careful in your spending, as you protect your savings and the well-being of your family.
To read more, please see: http://www.nytimes.com/2013/04/26/business/southern-europes-recession-threatens-to-spread-north.html?nl=todaysheadlines&emc=edit_th_20130426&_r=0