Bare Supermarket Shelves In Greece Should Be A Huge Wake Up Call To Millions Of Clueless Americans

Supermarket In Greece - Photo posted by Vasilis Dalianis On TwitterWhat you are watching unfold in Greece right now is eventually going to come to your own neighborhood.  Someday, people living all around you will be storming the supermarkets in a desperate attempt to secure the food and supplies that they neglected to store up when they had the chance.  Of course the Greeks never thought that it would happen to them either.  Their civilization had endured for thousands of years, and they were a part of the most powerful economic alliance on the face of the planet.  Most Greeks never imagined that they would be plunged into a multi-year economic depression that would ultimately lead to “bank holidays”, long lines at ATM machines, and people diving into dumpsters in a frantic search for something to sell.  And this is just the beginning of the chaos in Greece – things are going to get much, much worse for them.  Hopefully, this will serve as a wake up call for millions upon millions of clueless Americans out there, because we are on the exact same path that Greece has gone down.  The sad truth is that no amount of “American exceptionalism” is going to prevent us from suffering the consequences of decades of very foolish decisions.  We are steamrolling toward our own version of economic collapse, and when that time arrives you don’t want to be caught totally unprepared for it. (Read More...)

20 Signs That Europe Is Plunging Into A Full-Blown Economic Depression

An economic nightmare is descending on Europe.  With each passing month, the economic numbers across Europe get even worse.  At this point it is becoming extremely difficult for anyone to deny that Europe is plunging into a full-blown economic depression.  In fact, some parts of Europe are already there.  In Spain the overall unemployment rate is over 22 percent, and in Greece one out of every five retail establishments has already been closed down.  All over Europe, economic activity is rapidly slowing down, unemployment is skyrocketing and bad debts are unraveling.  It isn’t even going to take a default by a nation such as Greece or a collapse of the euro to push Europe into an economic depression.  All Europe has to do is to stay on the exact path that it is on right now and it will get there.  Normally, European governments would respond to an economic slowdown by increasing government spending.  But this time most of them are already drowning in debt.  Instead of increasing government spending, most governments in Europe are actually cutting back.  All over Europe, national governments are being encouraged to implement even more tax increases and even more budget cuts.  The hope is that all of this austerity will help solve the nightmarish sovereign debt crisis that Europe is facing.  But unfortunately, all of these tax increases and budget cuts are also going to involve a tremendous amount of economic pain. (Read More...)