Financial problems in Europe – what does this mean for U.S. investors?
Europe is is pretty big trouble, with the national governments of Portugal, Ireland, Greece and Spain deeply in debt and no obvious way to get out of it, since lying (“We’re getting this under control.”) hasn’t worked.
Now, the IMF has been tarnished with the arrest of Dominique Strauss-Kahn, their managing director (CEO) and contender for the French presidency. DSK was staying in a $3000 hotel room in New York! How disgusting is that?
What is surprising is that not just Americans, but many French people are being quoted as being shocked, shocked that he would be accused of such a thing. But wait! Isn’t that kind of behavior de rigueur in France?
Haven’t the elites in both the US and France told us Americans that we just weren’t as sophisticated, cultured, urbane, etc. as those cool French people? We’re backward, Bible-toting rednecks, right? Wasn’t that why get got all upset when Bill Clinton got busted for fooling around with a young girl in the White House? Plus, wasn’t that also not a big deal because it was his personal life and had nothing to do with the job of President? That’s what the high-class East Coast political pundits told us, anyway.
Actually, both those incidents and others are signs of the rot that has gone deep into the guts of our elites worldwide. Admittedly, this kind of stuff has gone on forever – since Biblical times, in fact. The proud are almost always brought down by their own weaknesses.
Think that’s not related to our financial problems?
He has been wringing money out of wealthy countries to pay debts incurred by poor countries from wealthy countries’ banks – isn’t it all of a piece? Who pays for the bank bailouts? The citizens of the rich countries. You know, the citizens who created the wealth by working hard?
DSK also wanted to create a world currency to replace the US dollar. He wanted to be president of France. He is a member of the French Socialist Party. What a guy!