Peter's Viewpoint

It’s not everyday that we get to see islands being born, volcano’s erupting, or meteor’s crashing into planets, but there is one historical event on the horizon that may be the beginning of a new economic era.  That is the domino effect that may actually be caused by one of the last countries that anyone might suspect, Greece.

As the economies of the world swirl in a daze wondering whether or not things are getting better, two countries stand out like a comparison between a giant and a midget, the USA and Greece.  For decades now the USA experimented with the financial idea that they should spend more than the cash box held by borrowing based on world position but at the same time, other countries that follow the USA started doing the same thing without anyone giving it real thought.  So here we are, the governments owe the World Bank, the banks are in debt to the governments, people have over abused credit and owe the banks.
It’s like a merry-go-round that may just end by simply falling off its track.

Is anyone asking where or what will the World Bank be collecting and from whom in the end?

Will the World Bank be willing to forgive and forget all the loans it makes to every nation of the world?  Why not, it's only money!  Even if they could, it does not make it right.

Greece is the fuse that may cause the next world depression.  It has become the hottest topic especially to Europeans because Greece's problems are a reflection of the European state.  The fact that one of the least productive countries in Europe can topple the value of the Euro and begin a domino effect should be of grave concern because it proves that everything has been financially overstated and overvalued and is simply hot air coming out of the political muddle.

While President Obama and Prime Minister Papandreou are new hope for the people of their countries, they do not have the power to magically correct these long-term mistakes.

Greece is known as a country of sun and fun but apart from that, the limited natural resources do not make it copious to the repayment of debt.  This brings up the ultimate question, What happens when a country goes bankrupt?

Will the European’s be saving Greece by helping it keep afloat or are they actually trying to save themselves from having to explain why their countries maybe next in the rise and fall of the European Empire?