Here's a tip from a guy who attended a total of three classes the semester he flunked Econ 214 at Marietta College, Marietta, Ohio 45750: You cannot squeeze enough productivity out of the workforce to be able to pay for 14 months of work each year so long as each year remains 12 months long.
Sooner or later the system will collapse.
The later came sooner and it was about three weeks ago.
So, the European Union ponied up because Spain and Portugal are no better at controlling spending or collecting taxes and all those national banks kept buying the bonds of all those failing economies and if Greece couldn't make good on its debt payments then Spain wouldn't be able to make good and Portugal would fail, followed by Italy and Ireland.
All those same banks we bailed out last year would have to be bailed out again - for buying the junk bonds of their European neighbors - and guess who has to help out?
The taxpayers of the U.S. of A.
George Will pointed out in his excellent column that American taxpayers "provide the U.S. contribution of 17 percent of the assets of the International Monetary Fund, which is giving Greece $39 billion. The IMF also is contributing $321 billion to a "stabilization" fund for other Eurozone nations with debt problems."
Let's do the math: 39 billion plus 321 billion = 360 billion. 360 billion x 17 percent = 61.2 billion.
Add the $61.2 billion in this bailout to the $43.25 billion we sent over last year in the AIG deal and it totals to about $104.5 billion that you and I have paid to keep Europe from collapsing on the petard of its own post-WWII Liberal social policies.
Operation Overlord II
I know Europeans hate it when Americans remind them of all this. If they were serious they would tell us to butt out, but they never do.
At some point America is going to have to cut Europe loose. We're going off to play with China for the next 150-or-so years.