This should be a startling wake-up call to anyone who still doubts that irresponsible spending is destroying the American economy. The United States is following in the footsteps of Europe and what happens there is a prophecy of what could happen here in very short order. In Europe, what was previously unthikable is now becoming a plausibility–even an inevitability.
According to today’s edition of the British newspaper The Telegraph, diplomats in the U.K. are making plans to assist their citizens abroad in the likely event of a collapse of European banks. According to the report by James Kirkup, the paper’s Deputy Political Editor, “a senior minister has now revealed the extent of the Government’s concern, saying that Britain is now planning on the basis that a euro collapse is now just a matter of time.”
In addition, the article reports that British embassies are preparing for social unrest and rioting. In recent weeks the acronym “P.I.I.G.S.” has increasingly been used to refer to the five eurozone nations that may fail first: Portugal, Italy, Ireland, Greece and Spain.
As reported by The Telegraph, “Greece has seen several outbreaks of civil disorder as its government struggles with its huge debts. British officials think similar scenes cannot be ruled out in other nations if the euro collapses. Diplomats have also been told to prepare to help tends of thousands of British citizens in eurozone countries with the consequences of a financial collapse that would leave them unable to access bank accounts or even withdraw cash.”
Is America listening or are we still thinking that it can’t happen here?
To read the entire article in The Telegraph, click here. It should give you nightmares.