Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature currently requires accessing the site using the built-in Safari browser.
No, it is europe who suffers mostly for US' debt now. Greece is just a red herring.
There are two different financial problems here, that compiled into one recession. One problem is public/government debt, spending excesses of public servants and ill economic polices, plus defaulting on its debt. The tip of this iceberg is Greece, followed by Italy, though Japan and USA are not much behind. Of course there are more indebted countries per capita than Greece but they are able to pay off the debt thanks to good economy.
Second financial problem was caused by housing bubble, and related derivatives - bank products, and not only in USA but also in Europe. It was due to relaxed qualification (for people) to borrow money, here for purpose of buying a house, plus domino effect caused by mortgage defaults causing banks collapse.
Now, it is hard to blame USA for this world crises. Even though they've relaxed housing financials first, they were eagerly followed by many european countries. Also creation of derivatives of mortgages, and related new products, started also in US first and was never regulated (complexity of a system, and lack of will), but again was blindly followed and copied by many Europeans.
I would like to stress that nobody forced anyone country to participate in these excesses.
The strongest example of none-participant is Canada. The biggest and closely connected to US economic partner. We didn't have housing bubble at all, regulation were much stricter, although 80% of us own houses. We didn't need to save our banks. Till today Canada is financially healthy, unemployment at 5%, and not much of recession here.
PS. My province Alberta needs 40,000 temporary workers right now. Government just streamlined acceptance process. Everybody skilled with some english welcome.
This thread has been viewed 35747 times.