Economic Crisis on Both Sides of the Pond

The USA isn't the only part of the globe gripped by the throat by the current economic meltdown. In California, already in trouble from poor fiscal practices and handing out taxpayer funded social programs to illegal aliens, now finds 1 out of every 10 residents unemployed.

The proposed method of bailing out the sinking boat is to freeze state income tax refunds. Or in other words, state confiscation. Thinly veiled, granted, by not saying it's a permanent theft, but time will tell.

Meanwhile, on Sunday last there was an emergency summit meeting in Brussels, attended by the leaders of the European Union.

Already, sides are being taken by the wealthier nations vs the poorer. Germany rejected Hungary's plea for a bailout of newer members of the EU.

Hungary's Prime Minister, Ferenc Gyurcsany, warned of "a new Iron Curtain" destined to divide Europe, although the metal today is gold. Apt comparison, yes?

There's no doubt that the EU is a bold experiment, but now the test begins. A common currency does not make for equal distribution of wealth. Solidarity may be a noble concept, but when the fecal matter hits the fan, human nature tends to dictate self-preservation.

Meanwhile, President Obama continues to send the stock market further in the hole every time he announces more non-stimulus social give-away projects. And Barak and the Mrs. continue to host lavish parties with entertainment provided by the likes of Earth, Wind and Fire.

All this while the average joe struggles to put food on the table. Nero fiddles while Rome burns? Time will tell; time will tell.