European Economy in Crisis Too?

Today I came across an article that seemed strikingly familiar. The U.S is not the only place having economic troubles. Germany is now in a potential state of meltdown, as many banks are on the verge of failure. Iceland also is in trouble due to its credit situation, and Britain may have to step in to pick up some slack. In Germany, many large players in the economy have already collapsed, including the Hypo Real Estate Company worth some 49 billion dollars.

As I read, I stopped and thought. This seams almost too similar to the situation in the U.S, and ironically it is happening and the same time. I re-read the article just to make sure that it was, in fact, about the failing European countries. It goes to show that we can learn from our past mistakes, including economic issues, regardless of where they were made. Currently, many Europeans are at risk of losing their life savings as so many did during the Great Depression. We'll see what happens when the banks re-open on Monday.