Why the US Won't Bail Out Europe.


Pelley: When kids at school ask you where you live, what do you tell 'em?

Austin Metzger: When they see the truck they ask me if I live in it, and when I hesitate they kinda realize. And they say they won't tell anybody.

Arielle Metzger: Yeah it's not really that much an embarrassment. I mean, it's only life. You do what you need to do, right?

A great deal has been written over the weekend about the possibility of the Fed bailing out Europe by buying European bonds or indeed with Europe being bailed by an enhanced IMF fund which necessarily would require a large degree of US funding.

Not only are we entering the final 12 months of the US presidential cycle but there more than sufficient domestic demands on the traditional generosity of Americans. A quick look at this video from the 60 Minutes programme from CBS and it will become clear that the US has screaming needs of it's own. Proof perhaps, that the American pioneering spirit is alive, but heartbreaking nonetheless.

Good luck kids; we all admire your stoicism.