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debt crisis

CNN reports: Many similarities in Arab Spring, European chaos

by an Unemployed White Male on November 21, 2011

in American Culture

(CNN) — The victory of the opposition Popular Party in Spain’s general election means that seven leaders or governments around the Mediterranean have been thrown out within the last year, amid an explosion of popular protest. Several more are fighting for their survival. Places often perceived as the cradle of civilization have become bywords for political chaos. The causes are various, but there are common strands that suggest the fallout from 2011 will be with us for many years to come.

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NEW YORK (CNNMoney) — President Obama has put the country on notice that he can’t guarantee Social Security and other government checks will go out if the debt ceiling isn’t raised by Aug. 2.

So it’s worth reviewing just what the fallout could be if lawmakers fail to act on time — either in early August or sooner if markets start to lose confidence that Congress will get its act together.

Read the article.

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