Riots in Greece

This is what happens when you spend money you don't have...

Take notes America because this is what is coming to our shores. $1.56 TRILLION budget deficit and widespread hostility towards an increasingly totalitarian government and this is what you get. I hope we can back away from the cliff but the numbers involved are beginning to lose meaning.

However, there are signs we might be getting our stuff in order. The budget for the year after is "only" $1.46 trillion but at least it is lower so its a step in the right direction. The Wall Street free fall over the last two days is the beginning of a market correction (pulling back from overextending) and oil has fallen $12 over the last three days.

There is a lot of work ahead of us though.

Roll up your sleeves.

First step would be cutting Congressional salaries in half. Call your Rep and Senator and see how that goes :-)

Back on the other side of the Pond, this crisis is raising serious questions about the viability of the European Union as anything but a trade association. Any delusions about the EU becoming a "superstate" seem to be just that. Individual countries, Germany in particular, are acting in their own interests rather than being European team players. That is because they do not want to be stuck opening their wallets for annual bailouts. This one, if it happens, will be something in the neighborhood of $145 billion dollars.

And Portugal is showing signs of economic collapse

And so is Spain. And Ireland. And Britain's budget deficit is growing to the point its alarming people over here.

They should go back to the Common Market. European Union sounds too much like Soviet Union...complete with a lack of popular representation, high taxes and a moribund economy.

Yet for some reason that appeals to the idiots in Washington DC.

It did not work in Russia, it is not working in Europe and it won't work here.

What does work?

Lower taxes, don't spend what you don't have and let the people keep their money.

Its called Capitalism 101, America.