Steve Kroft reports from this evening’s edition of “60 Minutes:”
There are only a few things that could derail the U.S. economic recovery that finally seems to be underway, and one of them is the debt crisis in Europe, along with the recession that is now sweeping across the continent.
“[t]he U.S. economic recovery that finally seems to be underway?” Seriously? Did Steve Kroft see those job numbers that were released on Friday? How about the actual number of adults actually participating in the economy, an anemic 58.57%? Translation: it’s not Obama’s fault if our economy stays in the toilet.
The story goes on to quote London financial analyst Louise Cooper.
We’re in a debt crisis. Eurozone countries have way too much debt. We have gorged on debt. We are living beyond our means. And after 10 years of booming economic times, it is now payback time. We are paying back our credit cards and that will prove very painful and costly.
It already has. Ten European countries are now in recession. In Spain, where the unemployment rate is 23 percent, there have been general strikes and civil unrest. In France, three of its largest financial institutions teetered on the edge of insolvency until the European Central Bank came to the rescue with more than a trillion dollars in easy credit to shore up the system. Seven European countries have changed leadership because of the crisis, and one, Greece, reneged on $133 billion in debts.
Louise Cooper: This is an extraordinary event. You know, a member of the euro club, the elite euro club, can’t pay its bills. That is extraordinary. A Western, developed country has defaulted. We haven’t seen that since 1940 when Italy did it in the Second World War when it refused to pay its enemies.
The financial markets worry that the same fate could befall Ireland, Portugal, Spain and Italy, which are already all in crisis, and losing the confidence of international investors who have bankrolled their debts.
Louise Cooper: The fear of Greece is it sets a precedent for other indebted countries. Then everybody who owns Portuguese debt or Irish debt, possibly even Spanish debt or Italian debt, you start to worry, “Will I ever get my money back?” That is the problem.
Rather than running interference for the One while he lies and demagogues Paul Ryan’s budget, while hoping no one will notice that his Treasury Sec. admitted that “we don’t have a definitive solution. We just don’t like yours,” perhaps Mr. Kroft could do a story on the fact that what’s going on in Greece is a preview of coming attractions if we allow Barack Obama and his merry band of Marxists to continue taking America down the road to serfdom.