Yesterday's U.S. debt rating downgrade opens the door to the kind of chaos we've seen for the past couple of years in Europe. The latest round of European crisis talks over debt relief give us a preview of what the future holds for us on this side of the Atlantic. There is of course no relief possible from a 100% or greater debt-to-GDP ratio aside from that provided by an immediate default. European central bankers are about to find that out the hard way when this round of conference calls breaks up.
"Hello, operator? I'd like to dial 9 for a bailout."
Sorry, but we cannot complete your call. Please check the number and dial again, but this time make sure you're calling the Fed for another $16 trillion.
"Hello, operator? I'd like to dial 9 for a bailout."
Sorry, but we cannot complete your call. Please check the number and dial again, but this time make sure you're calling the Fed for another $16 trillion.
