General Discussion
In reply to the discussion: Get ready for it: Another economic collapse is coming. [View all]Leftist Agitator
(2,759 posts)That's the most likely scenario that would qualify as a "major European crisis". Also, it really doesn't matter if the structural instabilities in Greece are dissimilar to those in the U.S., because the damage to the world financial system in the event of the collapse of the Euro would be so far-reaching that the U.S. wouldn't be spared , regardless of the health of our economy. Even in the best economic times, the U.S. would see massive repercussions if the Euro collapsed, and given that our economy is limping along, still reeling from the collapse in 2008, the effect of such an event in the U.S. would be to cause a Depression.
The Volcker rule is an important safeguard against the sort of speculation that imperiled commercial banks, but the fact remains that the flashpoint for a future crisis likely will not be in the United States.