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I spent quite a bit of time in Spain. With the Basques and Catalonians wanting out, we may see Spain break up into several countries, if there debts overwhelm the central government. I believe the young people have an even higher number of unemployed.

Puerto Rico, is a different beast. I’m not sure what the laws are governing their financial problems. As I said before a lot of people with mutual funds will take a haircut if PR goes belly up.

This is real starting to sound like the financial genie is out of the bottle. If the countries around the world stop importing China’s crap they are in deep trouble. Their bubble is going to burst big time.

What worries me is that they may be all tempted to go to war to gloss over the economic problems.