Does it scare Americans that Trump is in second place?

[Kirkland Laing]

Damn, in one week the Greeks took 4 billion out of banks. If they get the banks open tomorrow with the ELA what will happen. It's the Greek people suffering. Will Merkel just do a bail out. Crazy stuff. Shit, it's not like it couldn't happen in the US. I always tell my wife we should get a safe and put a decent amount of cash in that bad boy.

It couldn't happen in the US.

I hear what our are saying, can't really compare the two however I do worry about a cyber attack or one of those attacks that knocks out the grid making it very difficult to have funds on hand. I keep almost no cash in the house. Now Kirk, are the Euro banks backed in any manner similar to our banks here in the US

They have a cenrtal bank like the Fed. But they don't have a banking union or a fiscal union, all the national governments set their own budgets. The US can get round this because they have a national tax system whereby the rich states bail out the poor states via tax payments for unemployment, state aid, social security payments and so on.

For instance Florida had a huge property bubble and its GDP dropped by about eight points/eight point budget deficit overnight in 2008. They were bailed out by the federal government so they didn't suffer what greece has.

By contrast Greece only initially had a seven ooint GDP fall/budget deficit. The subsequent twenty percent drop came from austerity. If they'd been bailed out by European taxpayers they'd be relatively fine now.