The European Union (EU) is struggling in the face of several member nations facing huge budget deficits and the potential of not being able to pay all their respective debts.  As a result, several of the nations are enacting austerity programs; unfortunately public protests and at times riots have been the response to such actions.  Concurrently, several central banks from around the globe have pledged support in some form or another.  Even though there are a plethora of opinions of what the eventual outcome will be, no one knows for sure.  In the meantime we are getting a true taste of what it means to have a global economy.  

There are pros and cons as countries around the globe become more economically aligned; however, we are currently seeing the cons.  As the EU struggles with sovereign debt flu, the U.S. is starting to catch an economic cold.  As I noted before, no one knows for sure how this will turn out, and we may find some short-term relief as the EU tries various monetary medicines, but I believe any true solution will be tough and take years to get its sickliest of members healthy again.    

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“You can’t polish a turd.”  This is just one of the pieces of sage advice I received from her.  To test this rural myth, I applied for and received a $250,000 federal grant to conduct a study.  Based upon the advancement of technology, I believe it can be done, and I am sure you are anxious to hear the results of the study. 

First, I apologize if you find any of my comments crass or tactless.  However, I am not going to candy coat it.  History shows that the world has looked to the U.S. as an economic leader and innovator.  We take ideas and through hard work, imagination and innovation we end up producing goods and services for ourselves and others around the world.  In doing so, we create jobs which often result in increased wages, personal spending, corporate profits and income taxes.  When our economy stumbles or even fumbles along, it results in a tremendous amount of financial fear around the globe.  It’s no different than going into the championship football game without your star quarterback.  He’s been the leader and driver of the team all year.  Now, he’s out with an injury and you’re relying on your backup quarterback, who’s had minimal, if any playing time, to lead the charge.  Quite unsettling to say the least!    

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