PHOTO: Uri Dowbenko, Where's MY Bailout?, 2008, Neon, metal, 26 x 14 inches. Courtesy New Improved Art)
(11-11-11) The global economic situation is becoming more dire every day. Approximately half of all US banks have significant exposure to the debt crisis in Europe.
Much more dangerous for the US taxpayer is the dollar's status as reserve currency for the world, and the US Federal Reserve's status as the lender of last resort.
As we've learned in recent disclosures, this has not only benefitted companies like AIG, the auto industry and various US banks, but multiple foreign central banks as they have run into trouble.
Nothing has been solved, however, by offering up the productivity of Americans as a sacrificial lamb. Greece is set to be the first domino to fall in the string of European economies at risk. Rather than learning from Greece's terrible example of an over-consuming public sector and drowning private sector, what is more likely from our politicians is an eventual bailout of European investors.