US Economy is not Europe - my rant

with "privy" I meant to say privileged so my bad.....I am making up slang....
aside of that, we closed down strong, but I am not sure if this is Europe or realization that the Chinese rate cut will not SAVE US.

 

Continued growth is not an option as long as oil price follows.

 

so the world crashes if oil goes above $120? the economy may slow but pessimists people like to predict the end of the world if certain scenarios fall in place

i think the real issue is for the US to develop technologies to be independent of the Middle East oil

 

Unlike Euro, Dollar is pegged to OPEC oil.
Hence it is irrational to compare both.

 

Europe to be no more Europe, if the shit occurs http://mises.org/daily/6067/Passing-the-Bailout-Buck

 

There is only about ~900 billion paper and coin dollars.
There is about ~14 trillion dollars worth of credit supplied by banks.
There is about ~55 trillion dollars in total debt, again, supplied by banks.
What backs the dollar is the faith that the 14 trillion dollars will some day pay the 55 trillion dollars off.
Looks like US is operating a Ponzi/Pyramid scam on global scale since Nixon Shock.