The Last Chance Saloon

The European experiment and the US economy both face zero hour.

This morning Germany and France claim to have reached a common position on a second bailout of Greece. However, unsurprisingly, no details have been released.

Notwithstanding the economic viability/credibility of this "accord", European leaders are holding a crisis summit today in Brussels in the vain hope that a solution that will save the Euro experiment will be found.

Meanwhile, across the Atlantic, as the politicians on Capitol Hill hold the US and world economy to ransom whilst they continue to bicker; the Federal Reserve is pro-actively preparing for the US to default on its debt.

Politicians on both sides of the Atlantic have failed the people that they claim to represent. As and when the Euro collapses and (quite probably) when the US defaults, the politicians will then engage in an exercise of passing the plate of blame whilst the people of the world suffer from the economic effects of their failure to show leadership.

This is the last chance saloon for the world economy, sadly the fate of the world economy is in the hands of politicians.