A popular game is being played by the excessive high debt nations of the world. It’ called kick the can down the road. A few days ago the major central banks of the world converged and agreed to provide a safety net of support in case something unsurprisingly horrific were to occur within the Eurozone. After the announcement, the European equity markets rallied as the U.S. dollar and the price of gold dropped precipitously. Greece’s fiscal dilemma has not been confronted with a legitimate solution. Instead, a temporary band-aid is placed on the wound and swept under the rug with the notion of dealing with it later. Greece is in the spotlight for now while Italy, Spain and Portugal are waiting in the wings for their turn of attention. The United States has an incredible challenge tackling its debt headache. It would take a unified resolve and commitment to get over the hefty hump. Does anyone really think that the massive debt problem can be trimmed to a feasible level without civil backlash and contempt?
