Published On: Thu, Feb 25th, 2010

Americans, keep a close eye on Greece

I don’t mean to sound like a fear monger but dangerous things are happening around the world as we speak. In recent years and decades we’ve seen economic catastrophe in Argentina, Zimbabwe and Iceland.

But most interesting to me is the current situation in the EU country of Greece.
If this isn’t like looking into a crystal ball, I don’t know what is. What’s happening in a brief summary is this:
-The national debt in Greece is greater than the Gross Domestic Product (GDP) of it’s economy.
-The deficit is nearly 13 percent (in case you don’t know, the deficit is the amount a nation spends compared to its revenues).
– The Greek debt has been downgraded three times, including Moody’s which downgraded it from A1 to A2.
The list could go on and on.

photo/ screenshot YouTube

So you may be saying, Robert, why should Americans care about the Greek economic woes?

Well, I’d say it’s how they got in this predicament.
Greece is where its at today because of years and years of enormous spending and cheap lending practices by the central bank and financial institutions.
Sound familiar? It should, its the same recipe for disaster that the United States had cooked up.
So now Greece is taking some measures to dig themselves out of the hole; trying to cut the budget deficit to 3 percent, increased taxes on fuel and sin taxes (not such a great idea), raised the retirement age and pay cuts for public sector employees. Is it too little too late?
This expectantly has created problems like violence and strikes and now the farmers are blockading roads demanding government subsidies.
This shows that the welfare state cannot go on forever and unrestrained spending by governments and the printing of money by central banks will, in time, destroy a nation. It has been shown to be true throughout history.
I hope Americans really pay attention because I think we are being given a warning and drastic measures are required to save our country and our dollar from collapse.
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About the Author

- Writer, Co-Founder and Executive Editor of The Global Dispatch. Robert has been covering news in the areas of health, world news and politics for a variety of online news sources. He is also the Editor-in-Chief of the website, Outbreak News Today and hosts the podcast, Outbreak News Interviews on iTunes, Stitcher and Spotify Robert is politically Independent and a born again Christian Follow @bactiman63

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