A Second Financial Crisis If We Don't Learn From The Last One -- Adrian Pabst, The NationalBoth the United States and the euro zone seem to be in the grip of a debt crisis that is fast getting out of control. If the debt ceiling is not raised, the US federal government will run out of money and go into default.
Across the Atlantic, the fiscal firestorm that has hit Greece, Ireland and Portugal now threatens to engulf Italy and possibly Spain. Political stalemate in Washington and Brussels is fuelling a sense of panic that will spread to the financial centres of other advanced economies and emerging markets.
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My Comment: Excessive and uncontrollable spending coupled with huge debts .... a perfect recipe for disaster, and one that our governments and the electorate that votes these politicians in are willing to accept.
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