November 28, 2006
Germany Goes Bankrupt Too!
by Martin Hennecke
Regular readers of websites like this one will already be well informed of the onrushing financial collapse and national bankruptcy of the United States, as this topic is receiving ample coverage nowadays from an abundance of writers and economists, including unmistakable warnings from many former senior government officials and central bankers as well as from the very institutions that are presently in charge, such as the International Monetary Fund, the Bank of International Settlements or the US Federal Reserve. So I will save myself repeating the obvious here, suffice to say that anyone who is new to the real world and would scoff at such notion may want to start educating himself/herself by reading some introductory books such as Bill Bonner's 'Empire of Debt', or browse the Federal Reserve Bank of St. Louis' report 'Is the United States Bankrupt?' published earlier this year.
What a large number of even the more educated US Dollar bear-and US financial crisis expectation camp however do NOT seem to be aware of is the global nature of the problem. It is completely wrong to assume, for example, that the Euro or the British Pound are inherently 'hard' and healthy currencies that would provide protection from a plunging US Dollar. It is not known by most, that in fact the majority of the Western 'developed' world and not just the United States is facing national bankruptcy shortly ahead, and that this has been officially predicted by the world's leading rating agency, Standard & Poor's.
US, Germany, France and UK face junk debt status
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