The European economy is collapsing even faster than that of the United States. That is really bad, because the rate of collapse here is greater than that of the Great Depression. I have a close friend in Germany, Thomas Wilpert who is like a son to me. He tells me that most of the major European banks are insolvent, propped up only by Government stimulus packages. Sound familiar? Supposedly, most of the countries of the former Communist block went to the Western European banks to fund their development. That, of course, was where the money was. Along the way, all of the mortgages of the people buying homes for the first time as well as start up businesses were funded from the West. Now, as the currencies of those former Communist countries collapse, they can not pay the Euro Dollar or Swiss Frank denominated loans. Most people or businesses can not even afford to pay one fifth of the mortgage. The degree of the default is greater than our mortgage crisis. There is no way out of this crisis. Germany is considering withdrawing from the Euro confederation since they were the least involved in Eastern Europe lending. They will take a hit if they do withdraw from the Euro, but they will take a far bigger hit if they stay and try to prop it up. Europe is a goner economically. Only Germany might come out of this crisis within five years. The rest are ruined, but miraculously still standing.