DAILY ECONOMIC DRAMA CONTINUES IN GREECE
Greece may hold the key to Europe and the world's economic crises. Each day we hear news of some deal or change in the economc crises in Greece. If Greece defaults on their loans many large international banks will take a "hair cut" on the debt they hold.
Greece wants to renegociate their massive debt into more favorable terms. If they stay in the Euro their debt burden will only increase. If they leave the Euro they will have to return to their own currency and they will experience a depression for several years. What should they do?
If they stay in the Euro the pain down the road will be much greater. If they leave the Euro they will experience great pain now as their economy reorganizes. It may be better to leave and experience the pain now rather than greater pain later.
Greece is important to watch because the rest of the Western nations are just as bankrupt as Greece. What happens in Greece is like a plague that spreads to all nations. We are watching the beginning of the great economic crises that is going to lead to a world where the United States is no longer the leader.
Note that President Obama supports Greece's anti-austerity program just as he piles on debt to the USA. Events in Europe are leading to war in the Middle East and are setting the stage for the "new world order."
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