Capital Account - 10/26/11
Today Europe is trying to save itself. European leaders meet amidst the overhang of a sovereign debt crisis, which could cause a banking crisis, with contagion that could reach around the world to countries including the US. The costs have already been high. We’ve seen the effects of austerity across Europe, most evident in Greece where we’ve seen violent protests and strikes as a result. So are we going to see a grand bargain that tackles the enormity of the crisis? Is one even possible at this point? And what does it mean for US taxpayers as the IMF considers playing a role – will the US fund a European bailout? Also, with income for the top 1 percent in the US surging 275 percent, Rolls Royce comes out with an electric car costing millions, and the man who lost billions in Baghdad finds work overseeing cash in Libya.