Looks like Europe might just shake off its problems after all. Their cautious optimism is much more believable than the statements by US public officials. It stands to reason – Europe’s biggest powerhouse is Germany, which drove a lot of growth for Europe by any estimate. America’s biggest powerhouse is California, which is plagued by tent cities, government worker furloughs and forced days off, and an impossible budget deficit. Man, we need a Germany!
If the EU does manage to avert it’s sovereign debt crisis, here’s what the economic impact would likely be: