A "dysfunctional government" in the United States is hindering economic recovery, and the European debt crisis could make matters even worse on this side of the Atlantic, says international journalist Arnaud de Borchgrave.
"We're in serious economic trouble, and we're on the verge of perhaps sinking a little lower," de Borchgrave tells Newsmax.TV in an exclusive interview.
"It's all unpredictable given the fact that one, we have a dysfunctional government, and two, we have a dysfunctional Congress. And that is recognized all over the world."
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Rescuing Ireland may not be enough, as Portugal and Greece may need bailouts as well.
Plus the motor of the European economy, Germany, can do well on its own and may consider leaving the eurozone and return to its own currency.
With the U.S. economy not performing well in the first place and with nothing to stop the fallout of a European crisis from spreading here, storm clouds are brewing on the horizon.
"It's a one-world situation without being a one-world situation, there's no one taking global decisions," says de Borchgrave, a Newsmax correspondent.
"There are independent decisions being taken by the European Union, by the United States, and there are major powers coming up like Brazil and India and China."
Many experts are worried that a rescue of the Irish economy may spark fears that other debt-ridden European countries will need aid as well.
"As long as the fundamentals don't improve, the pressure will continue on other countries too," Daniel Gros, head of the Center of European Policy Studies in Brussels, tells Reuters.
"Many believe the euro zone is just moving from one crisis to the next."
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