With more procrastination coming from European finance ministers to shore up the worsening debt issues in Greece and other weaker European nations, the US is getting beat up by the backlash. The more Europe waits, the longer it will take the Dow Jones to get back to pre-2008 conditions. The Dow now stand around 12,000, a disappointing number, but after rallying 2,000 points in the last few months 12,000 is nothing but amazing. It isn’t the US’s fault Europe’s horrible debt numbers loom over the US like a tidal wave ready to knock out the weak American economy.
The European problem is not being solved. Even after protests by the G20 to fix the issues, Europe is taking its sweet time. Excuse the stereotype, but they are having afternoon tea and crumpets. It’s getting dangerous - the contagion has changed from continental to global. In a matter of weeks, we might not recognize the world’s economies. But, it’s not all negative: there are two outcomes to these problems. One is Europe solves its problems and the US continues solid gains on an uphill road to recovery. Or Europe doesn’t solve its problems, which could result in the final split in a cracking Eurozone and the end of a prosperous, relatively peaceful era in Europe. -By Alec B.
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