Why is one of the “shining lights” of Europe on the brink of bankruptcy. Is this the future of the USA?
Obama Hood - Spread the Wealth asked:
Not long ago, Hungary was Eastern Europe’s shining light, the one former Communist nation that was destined to catch up to its richer, Western European neighbors. Hungarians were egged on by their government to consume with abandon – to buy that new foreign car or take out a low-interest home mortgage, in euros, while resting assured that German or Austrian banks would guarantee the loans.
Not long ago, Hungary was Eastern Europe’s shining light, the one former Communist nation that was destined to catch up to its richer, Western European neighbors. Hungarians were egged on by their government to consume with abandon – to buy that new foreign car or take out a low-interest home mortgage, in euros, while resting assured that German or Austrian banks would guarantee the loans.
Is this the future of the USA with the Chinese backing our debt?
http://worldblog.msnbc.msn.com/archive/2009/04/03/1878205.aspx
Brent
PoliticsBrink, Communist Nation, GuaranteeJune 16, 2009
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