Wednesday, January 25, 2012

Germany & European Debt

German Chancellor Angela Merkel has made it very clear that Germany will only go so far in propping up the rest of Europe and paying for Socialist Entitlement Programs in Italy, Spain, Portugal, Greece, Ireland and perhaps other European countries.  These countries have social programs that are not sustainable and have bankrupted their countries.  It was one thing for West Germany to take on the problems and expenses of Communist East Germany to reunify all of Germany, but obviously, Mrs. Merkel is not going to make the German taxpayer pay for the actions of irresponsible politicians in these other countries. 

So what is next.   The US Federal Reserve has secretly provided billions, if not trillions of dollars of financial support to the European Central Bank, without approval of Congress, or anyone else.   At some point, Europeans will knock on Socialist President Obama's door.   Since the United States National Debt now exceeds $15 trillion, with no end in sight under Obama, let us hope that President Obama will refer the Europeans to the Chinese for help.   We are broke.   There is no money to bail out the Europeans.  

The fact is that all Western democracies must end deficit spending.  Higher taxes on anyone will not solve the problem.  Various entitlements have to go, or be scaled back pretty dramatically.   It is true in Europe and the United States.   ObamaCare is the icing on the cake pushing our country further toward bankruptcy.   ObamaCare must be repealed as soon as possible.  The last thing we need is another entitlement program when Social Security and Medicare are facing insolvency.

Watch Europe to see what is going to happen to the US.   The odds are better than 50/50 that countries like Greece will default on their debt.   The European Union may not survive this financial calamity.   Most important, we will see the end of our story, if Obama remains in office, since the President has no plan to cut deficit spending and pay off our National Debt.  In fact, if the Obama trajectory continues, we will add another $10 Trillion to our National Debt in the next ten years assuming the markets will allow it, which is doubtful. 

Obama will not cut the $10 Trillion necessary, in the next ten years, to stop the deficit spending, let alone pay off the National Debt.  It would mean his PEEP's would be cut off from feeding at the trough.   It is not going to happen as long as Socialists are in office. 

We have to take back our country in 2012 and 2014 to prevent the bankruptcy of our nation.   We have to elect Conservatives committed to a balanced budget and paying off our National Debt.   We can do it.   We must do it to preserve our freedom, our nation and way of life for the sake of our children and grandchildren.   We have to sweep these Socialists, at all levels of government, including President Obama, out of office to save our country.   If we don't succeed, we will follow Europe into bankruptcy.   If that happens we will lose our national sovereignty.   We can't let that happen. 

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