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The slow death of the American dream for middle class families has continued in the last couple years in the wake of the financial crisis.

A new survey by the Federal Reserve shows a shocking decline in the average net worth of U.S. households from 2007 to 2010. According to the report, which adjusted figures for inflation, the average American family saw their net worth drop 40% in that three-year time period from $126,400 to $77,300.

Three-quarters of the loss, not surprisingly, is due in large part to falling home prices, which have seen no reprieve since the housing bubble began to burst in 2007. The average homeowner saw their net worth fall more than $70,000 from roughly $250,000 in 2007 to $175,000 in 2010.

But what is surprising is the fact that overall net worth has fallen to levels not seen since the early 1990's, long before the housing bubble even began.

In three years, 18 years of savings have been wiped away for the majority of the

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The sovereign debt crisis in Europe has crippled economies, nations and financial institutions and is threatening to destabilize global markets. Yet one woman may hold Europe's — and the world's — fate in her hands: German Chancellor Angela Merkel.

Merkel's stark vision of austerity has come under intense scrutiny and has been increasingly challenged as the euro zone falls deeper into recession. A restive populace, frustrated with budget cuts and rising unemployment, is fighting back, ousting former Merkel allies like France's Nicolas Sarkozy and electing government leaders that oppose harsh austerity measures.

On June 17, Greek voters will answer the question that has rattled global markets for months: will it stay or exit the 17-member euro zone?

Greece's problems are not endemic; Portugal and Ireland have received billion dollar bailouts and Spain announced over the weekend that its teetering banking sector would be injected with up to $125