First it was Greece, then Ireland. Spain and Portugal may be next.
One economist predicts the US will follow after Spain and Portugal.
This could be the beginning of slowly developing world depression.Depressions are bad not only for economic reasons. Both fascism, communism and World War 2 were outcomes of the Great Depression in the 1930s.
This could also explain the polarization of politics in Washington and the rise of demagogues like Sarah Palin, Rush Limbaugh and Glen Beck.
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