ok at Italy's finances and realized the country was close to collapse. Markets around the world fell sharply. There was a growing concern that if Italy defaulted, it could bring the entire euro zone down with it. Germany and France quietly considered kicking Italy out of the monetary alliance.The panic promoted Burlusconi to finally resign. His replacement: Mario Monti, a former European Commissioner who has appointed a new government charged with instituting harsh austerity measures meant to ease Italy's debt burden. For now, Italy's financial situation is fragile, but stable.[See Who's Worse Off: Europe or the United States?]As the European financial crisis has shown, nothing is certain. News could come out tomorrow that would throw investors into another panic over Italy or Germany,cheap lululemon, and France could grow tired of bailing out its neighbors. Anything is possible.This uncertainty is not contained on European shores. If something catastrophic were to happen to Italy, businesses and consumers in the United States would be negatively affected as well. It's a doomsday scenario to think Italy would fail, but doomsday is no longer unthinkable.Impact on consumers. The U.S. economy is in a state of fragile recovery. If something went wrong it Italy, there is a strong possibility that the U.S. recovery could fall apart and the country could slip into a dreaded double-dip recession.[See 11 Ways to Prepare for a Double-Dip Recession.]Douglas Elliott, a fellow at the Initiative on Business and Public Policy at the Brookings Institute, recently put the chance of a double-dip at 25 percent. If it does occur, all of the small gains the U.S. economy has made in recent months would be reversed.For instance, unemployment, which has been trending down, would go up again, as companies cut spending to ride out the downturn. Those who have jobs would see wages flatten, and in some cases, fall. Benefits would likely be cut as well.The chaos in Europe would also make buying things like cars and electronic equipment more expensive, as the value of the dollar would go up relative to other currencies. So while people would be earning less, the money they're making would be worth less as well.Lastly, an Italian meltdown and the subsequent recession would have untold consequences on the psyche of American consumers. Workers in the United States have been repeatedly battered with bad news since 2007. Another too big to fail event might be the last nail in the coffin of consumer confidence.[See Why Europe Still Deserves a Place in Your Portfolio.]Impact on businesses. Businesses have been reluctant to spend since 2007, when the U.S. economy teetered on the brink. In recent months, however, businesses have been less reluctant to invest in new employees, causing a decline in the unemployment rate.In a double-dip recession, business would again retract. Hiring would stop and other cost-cutting measures would be instituted. This problem would be especially acute at small businesses, which have smaller margins for error. Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ. Memphis Here!I am seeing a lot of signs it much worse than any one is saying. Things are starting to dry up here.No jobs, no money, states and cities broke, so.What is my out?I am in cash, house, gold but these will not be good for 10/20 year long repeat of the 1930 Great Depression. What do I do? How do invest now?The market is more like a casion gamble operation, where the house always wins. What is a safe Bet? Ed Hughes of TN 2:38PM June 18, 2012 There was no Election for Monti. This was a coup !The bankers have taken over Italy. Monti was Federal Reserve Analyst,lululemon sale, and Harvard grad. of CO 12:39PM March 03, 2012 With 3 mafias (Ndrangheta, Cosa Nostra et Camorra) in the Italian government,lululemon outlet, Italy economy can only collapse!Except if the NATO would declare war to all 3 mafias, and kill all mafiosis, with real ammunition!Then, the remaining half Italian government would inherit trillions EUR, once all italian m
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