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Actually, most of Europe is doing quite well economically. Portugal, Italy, Greece, & maybe Spain are in trouble; the rest of Europe is rich enough to bail out those nations.

Sure, the level of debt is high in some nations, but the key issue is *payment* on the debt. With interest rates at historic lows, payment on the debt is lower than it was in the 1980s. When money is this cheap, it's smart to borrow.

BTW, the web page you linked lists Hong Kong as 7th biggest debtor -- External debt (as % of GDP): 265.7%. I'd like to point out that Hong Kong is neither European nor a nation.

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Same thing happened during the Depression. There was the Glass Steagall law in place to help America from having the same downfall but it was revoked and the Gramm-Leach-Bliley act was put into existence as a successor which let banks pretty much go wild and do their own thing to make money for themselves. Thus the turn-down we have been experiencing.

Like it or not, when the American systems go down, so does the rest of the world. Trouble is, they have a shorter distance to fall and less to fall back on.

This is the result of the exact same policies Obama is implementing in America.

A socialist welfare state, out of control spending and a 100% debt/GDP ratio

That's why Obama caused our credit rating drop.

Liberals have taken over Europe completely

Because of CAPITALISM AND AUSTERITY. THEY NEED MORE SOCIALISM, SOCIALISM IS GOOD AND RIGHT CAPITALISM IS EVILE.