A catastrophe may engulf Europe very shortly, and it will bring down America with it, and the whole global economy.The bankrupt banks of the West were bailed out by transferring their debts to nation-states. But the nation-states are now bankrupt and can’t service their debts. Greece, in particular, can no longer meet its financial obligations and will default on important payments. At that point, the Euro currency may collapse. If the Euro goes down, it’s possible and even probable that the world economy will go down with it.