Greece's credit rating (they still get one?) downgraded yet again. They were paying 26% interest on loans prior to this credit cut.
It amazes me that people still believe government spending is, has been, or ever could be the answer to economic problems. I think it has a lot to do with that verb, believe, rather than a different verb, think.
Time to start thinking or to prepare for collapse. I think Ken Anderson, guest blogging at Instapundit, has it right in that a crisis will not be a smooth transition from ok to getting worse to bad. It will, rather, be a rapid implosion. By the time we see things speeding up, it will be too late. Hence why we must act now rather than later to cut government spending.