Mark Matheny
The Dark Ages seem to be sweeping across Europe once again, but this time it's financial.
More financial gloom hits Europe as Standard & Poor's Credit rating company stripped France of its sterling credit rating. It is also expected to downgrade Italy as well, along with several other European countries severely.
French finance minister Francois Baroin confirmed that France has went from AAA to a AA+ status, but stated that his country was headed in the right direction, and that French policies would not be dictated by credit agencies.
It appears that the weakness in the European economy is beginning to drag down Germany as well. German government estimates show the German economy contracted by 0.25 percent in the fourth quarter of 2011.
Italy's Prime Minister has recently visited Germany with a stern message to German Chancellor Merkel saying that the political and economic situations could rapidly deteriorate if more assistance is not given from European Institutions.
In the meantime, Spain's Parliment has approved its first package of austerity measures worth about $19 billion. Austerity measures have been the policy in many of the governments across Europe with spending cuts and tax raises being their solution to this ongoing crisis.
It appears that calls for a one world currency may come onto the Global table of solutions as the Euro and the U.S. dollar both suffer.
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