Contagion

The world is waking up once again to the fact that the European Union is on the brink.

In just the last few days, both Spain and Portugal have implemented severe austerity measures, insisting that they won't need a bailout. Gee, where have I heard that before? Let's see, maybe it was in Greece just days before they took a bailout? Or was it Ireland, which just two weeks ago insisted that it didn't need a bailout?

The problem is that no one believes the lies anymore, and so they are taking rational steps to protect themselves. With Spain's economy alone being more than twice the size of Greece's, Portugal's, and Ireland's combined, it's getting increasingly difficult for the EU to stem the tide.

And, pretty soon we need to start talking about Italy which, like many European nations, was immersed in anti-austerity rioting this week.

It's only a matter of time before Germany decides to bail on these guys, and then it's all over for the Euro.

UPDATE:> More than 100,000 march in protest of Irish budget cuts.