The European situation is more dangerous than most Americans realize.
It could still melt down. US authorities must know this. And they must know too that if Europe melts down, so will the USA.
So, the rumors will probably turn out to be true. The US will back the IMF. The IMF will back Europe. Europe will back Ireland. Ireland will back its banks. And the banks will back their lenders.
Meanwhile, the euro will be backed by the dollar, which will also back the US economy, US banks, the US government, and about half the households in Christendom…not to mention the others!
Who’s got the kind of money you need to do all this backing?
The Fed's strategy of "spreading the wealth" is making us poor says Bill Bonner.
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