There was a time when the world envied the US for its technology, integrity, education, wealth, and much more. It has bee a gradual slide down for a few years with the last eight years seeing a free fall. Economists are more pessimistic than hunters looking for the Abominable Snowman.
Germany is planning to inject $650,000,000 (in Euros, of course) into their troubled banks.
French state-controlled electricity giant EDF said it had dropped plans to table a new bid for Constellation Energy (nyse: CEG - news - people ) as the credit crisis made corporate financing more difficult to obtain. U.S. company Constellation has accepted an agreed $4.7 billion bid by Warren Buffett's MidAmerican Energy (other-otc: MDPWL.PK - news - people ) Holdings. This was lower than a $6.24 billion bid by EDF and fund backers KKR and TPG.
"Which countries are bailing out their banks?" Iceland was the first country to cry 'uncle'. Switzerland, Belgium, Iceland and Britain all have bank loans which exceed their GDP (Gross Domestic Product), raising the question whether a government can guarantee deposits if the total is greater than the National Debt.
Only those of us, not yet gone to our 'greater reward' and who still remember the Great Depression of the thirties can visualize the desperation that many of our people will experience. Since there is less regard for fellow human beings and the law, we can onlyh anticipate the crime rate will rise considerably. As ever, children will be the most badly scarred, though the suffering of adults will be ever visible.
Now is the time to weed out the deadwood, stop the wasteful spending, and teach those in legislatures that the IRS is not collecting their personal allowances.
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