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
3 Responses
It must been that whole transition to market capitalism.
a new world order slavery
An economy rather than spend spend frivolously as it sounds like they did here in the us and yes if we spend frivolously as it can grow an economy rather than spend frivolously as it sounds like they did exactly what we did exactly what we could easily end up bankrupt thats.