"Greece" is the word

A year ago, Rep. Ron Paul (R-Texas) predicted that people in Greece would riot in the streets because of the Euro, which is fiat money. He predicted that a government bailout would lead to economic turmoil. People thought that he was crazy.

What happened?

After the bailout failed, the Greek government asked the European Union to help them out. The response from the EU was to increase taxes. Shocker? Not really. Unfortunately, this may have caused serious damage to the European economy which is now on the path to a currency crisis, which is worse than a financial crisis, which will affect the economies of Europe. Time will only tell what will happen, but keep one country in mind: Spain. If they fail, Europe fails, and the conswequences will be dire internationally.

The question now is, will America finally learn that bailouts and deficit spending is not the answer and will only prolong and worsen the crisis?

Perhaps today's near disaster on Wall Street (where the DOW Jones fell down 1,000 points in a single day before recovering a few points) will put the final nail in the Keynesian coffin.

Only time will tell...