This day and age has provided better insight into the fact that we operate in a global economy. Just as the subprime crisis did not affect only the US; neither has the crisis of the Euro been confined to the European nations. We have seen this before with many currency and debt crises as well as the over exuberance in different markets: In the 1980’s the Latin American Currency crisis came to bear as many countries in the region over-leveraged in an effort to industrialize their countries. In 1997 the Asian Contagion swept through world markets after the devaluation of the Thai Bhat. Of course we all remember the subsequent dot.com boom and bust. This was followed by an overleveraging of the housing markets in the US and Europe that drove the values of real estate to unsustainable levels. Of course during this period of boom, both local and national governments enjoyed newfound wealth as they benefited from the increased tax revenue from this economic boom and from low borrowing costs -- which leads us right back to Europe. Read More