Editor, Gazette-Journal:

The majority of Americans simply cannot envision the potential for financial disaster that confronts this nation. With the Dow at all-time highs, many presume that all is well. The recession is past.

Meanwhile, unemployment remains high. Household incomes are down. Energy remains expensive and salaries, as a percentage of GDP, keep falling.

The Federal Reserve has set the stage for another crash of the economy. With Quantitative Easing continuing, the sum of U.S. dollar cash existing is over $1.5 trillion, with much of that going to European banks. The impression that the Italian and Spanish financial crises have been contained is in serious question. The crisis in Cyprus belies that impression.

The fact is, America and much of Europe is broke. Meanwhile, American business is recognizing that fact by cutting back and restructuring. This restructuring is further evidenced by the mass of store closings by many retailers—Best Buy, K-Mart, Sears, et...