From this Zerohedge post:
In my opinion, the epicenter of the “next wave” of the financial collapse is going to be in Europe. But that does not mean that the United States is going to be okay. The reality is that the United States never recovered from the last recession and there are already a lot of signs that we are getting ready to enter another major recession. A major financial collapse in Europe would just accelerate our plunge into a new economic crisis.
My personal opinion is that we have an imminent collapse ahead of us in the Euro Zone. There will be some kind of marginal stick save to keep them from tumbling over the cliff, and maybe, if they are lucky, one after that to prolong the high. After that, it will be nosedive to the canyon floor.
This will allow for some kind of US holdout, but inevitably, the schemes will stop working.
The truth is, we are in a global depression. We have essentially been in this since 2008, and the last few years of upward trending has been future demand pulled into the present by massive state based subsidies and inflationary spending. As this unwinds, we will see what could have been less suckage in 2008 had we as a nation let the financial and banking industries go through a bankruptcy and reorganization.
We will at some point have to suffer the consequences of our actions.
I believe the tipping point to this is Europe. I believe that tipping point event is only a short time in the future.