by Moody Adams Instead of meeting harsh conditions for a European loan, Greece has decided to let the people decide. There is little chance they will vote to accept the conditions of the loan. Greece is going to go, It seems much of Europe is ready to follow.
Forty-five percent of all American exports go to Europe. American banks have loaned a boatload of money to Greece. We are about to suffer a big blow.
Our big creditor, China appears to be facing internal problems she can’t handle.
The world’s economic problems are a result of ignoring the 10 commandments we have made disappear--“Thou shalt not covet.” People everywhere want more than they can afford.
Politicians give them what they want by borrowing from future generations money they will not be able to pay back, by taking money from those who have made it, and by printing money that devalues everyone salaries and savings. All of this is a legal form of stealing. Madoff is a metaphor of what the world has done and now must pay for. Get ready for a second recession, perhaps even a depression.