The most underreported story this week is the European debt crisis. Greece, Portugal and Ireland have all been in the spotlight with money troubles. Now, Spain is taking center stage, and its debt is more than double the previous three countries.
There has been one bailout after another. Nothing is working as many EU countries plunge into recession. Charles Biderman, CEO of Trim Tabs Investment Research, says the situation is bad and it’s going to get a lot “worse.” Mr. Biderman says the Europeans won’t be the only ones that will feel financial pain. He thinks it’s only a matter of time before the EU “implodes,” and that crater will be big enough to pull down some very large U.S. banks.
Greg Hunter talks to Charles Biderman about the problems with the EU, U.S and a new reserve currency coming out of Asia in the not-so-distant future.
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.