A blog for conservatives and unionists throughout the Commonwealth and Anglosphere.

"Whatever disunites man from God, also disunites man from man...When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle."
~
Edmund Burke

2011-08-07

Downgraded US Credit Rating and Turmoil in Europe Show EU and North American Union Won't Work

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The headlines today were dominated by news that Standard and Poor's downgraded the United States Department of Treasury debt from the top 'AAA' rating to 'AA+'. This is the first time the United States has been downgraded since 1917 which includes the period of the Great Depression. Meanwhile, it looks as though the European Union faces either disintegration or extreme hardship as it looks like only a short matter of time before Italy and Spain default on paying their bondholders. In fact, the situation in Europe is more dire since the debt crisis their is driven completely by severe economic difficulties rather than political gridlock. Wasn't it only a decade ago that analysts were saying it would be inevitable that Canada would be gobbled up by a North American Union? Weren't some of those same experts also saying that the future prosperity of the United Kingdom depended on closer integration with the European Union? One wonders if they will admit that massive public debt has led to this crisis or, like US President Barack Obama, instead blame the debt crisis on the Japan Tsunami and Arab Spring? Or maybe even blame it on Climate Change as some statists have already?

SOURCES:

S&P Strips U.S. of Top Credit Rating

Euro dream threatens to become nightmare

EU faces crisis of legitimacy, warns former Europe minister

Obama Blames Arab Springs And Tsunami In Japan For Slower Growth

Climate change poses economic threat