Is The World Going Bankrupt? -- Spiegel Online
Europe and the US are hopelessly over-indebted. The crisis that started in the US real estate sector in 2007 has devastated state finances on both sides of the Atlantic and is threatening to wreck the euro and trigger a second global downturn. The world lacks the political leadership needed to end the turmoil.
The fear is back, in the stock exchanges and in the capitals of the industrial nations. There are growing signs everywhere of a new financial crisis, and the political leaders of the West are looking helpless and out of their depth.
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My Comment: S&P's downgrade of US credit coupled with massive sell-offs on the stock market .... yup .... it certainly looks like we are going broke. What is going to be critical in the next few weeks is what is happening in Europe .... their debt crisis will be impacting all of us, and probably sooner rather than later.