On Sunday by a narrow margin, Greek voters elected yet another new government, one pledged to honor the austere and sacrificial terms of their bailout, as the Greek economy sinks into Depression.
Meanwhile, Spain's and Italy's borrowing costs are soaring as investors grow anxious and hesitate to loan these nations any more money, as both of these nations sink into Depression.
Sadly, our Euro Zone brethren are hurting badly, and as they hurt, so will we. For whether you are in China, Russia, the U.S., Canada or anywhere else in the world, you will feel a sharp decline in your exports to Europe and a lack of available funds to buy your nation's or bank's bonds, as Euro money is desperately needed at home.
Economies across the globe are going to be impacted severely, and as was true during the Great Depression of the 1930's, it will be up to us to help our neighbors for we must unite and share our strength. Together we will eventually get through this economic collapse, and out of it will arise far better financial times and hopefully a greater level of compassion and wisdom.
Dick
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