07/15/2011 01:50 pm ET | Updated Sep 14, 2011

If Europe Is a Bellwether for America: Economic Ruin... Comin' Right Up!

If you think America exists in a vacuum; that we are pretty well-insulated from other global issues and problems, you're partially right. But only partially.

There is a real, proven dynamic indicating that what happens in Europe tends to make its way over here. It's not at all like Las Vegas.

Consider cell phones, wireless technology and texting, all big or bigger in Europe before they swept the USA. Now Americans take these advances for granted. Some even think that they were developed and advanced here.

I'm changing my tack here radically but with a relevant connection. Look at what I call the insane spending of government in America. You may disagree with me politically but it would be much harder for you to disagree with me economically.

This governmental spending spree must stop immediately or we all risk earthly economic ruin. I'm not kidding or exaggerating here.

Government spending is now Europe's biggest issue and experts say the main cause for the financial quagmire there. Deny or debate this point with me but at your own peril. You'll have to overcome my heavy artillery.

Europe is, and in some ways has been, in widespread panic. Starting with Greece, Ireland and Portugal, now continuing with Italy and Spain, a real chance exists -- perhaps it's likely -- that the Euro and entire EU may falter, and then fail completely.

Having lived in Europe for eight years, I developed certain visceral insights into the Euro-mindset. These observations, lessons and conclusions tell me that the Euro and EU will fail eventually, no matter how long Germany and the rest of the world props it up.

Let me state, unequivocally: I do not want to see Europe fail.

However, I saw this European Common Market experiment failing since it first blossomed in the 1970s. As the English used to say about themselves and the Americans, "Two peoples separated by a common language." The EC has always been behind in trying to cobble together a "United States of Europe" out of 20 or more countries speaking different languages and living in widely different cultures.

Margaret Thatcher accurately predicted this scenario and famously said about England staying with the pound Sterling and not accepting the Euro, "A country that loses its right to print its own currency loses a bit of its right to govern itself." (Favorite Thatcher quote: "When I'm out of politics, I'm going to run a business. It'll be called Rent-A-Spine.")

Without the UK, Switzerland (not even an EU member), Sweden, Denmark, the Czech Republic, Poland, Hungary and several other countries adopting the Euro, you can see the problem.

In the late 1990's, Ireland borrowed billions of Euros to rebuild its economy (widely whispered: they never intended to repay their EU brethren). An €85 billion bailout in November 2010 should now be ripening into full-blown default as we speak. Translation: the Irish economy is done, finished.

Then Greece (€110 billion bailout) and the dreadful rioting that ensued.

Now, Italy (who knows how much?). Spain will almost assuredly follow soon.

When the much larger Spanish economy goes then the madness begins.

I believe the mounting EU economic crisis will result in the crash and disappearance of the Euro. What this will do to the EU is as yet immeasurable.

Sure, they talk about a €1 trillion 'bailout fund' but no amount of money can reverse or overcome the Eurocrats' squandering, insane spending over the last decades.

So I don't bring good news. You can't even put your money in your mattress or gold because this economic crisis will be like an even nastier Great Depression or pre-war Germany, when the currency becomes almost worthless. It took wheelbarrows full of worthless paper money to buy a loaf of bread.

God help us all unless we bring this spending under control.

Obama in no way gets it so he'll be no help. Some Conservatives think he's trying to destroy our economy to set-up a new one -- a New World Order -- with Soros lurking and pulling the strings behind him. I think he's just clueless, without training or inclination in economics and. little understanding of world history.

Final commonsense advice to politicians and elected officials: stop the spending now. Or commit political suicide. There's no third choice.