Economic woes in Europe threaten your retirement savings

For Americans, all this is more than a distant spectator event. Wall Street sell-offs driven by Europe's troubles have already shaved the value of millions of American portfolios. Interest rates have been driven down, bad news for people who rely on bond and CD income. And if Europe begins an extended economic slowdown, U.S. efforts to emerge from 2 1/2 years of recession will be at risk. "Europe is one of our biggest customers," says Stephen J. Silvia, director of doctoral studies at American University's School of International Service. "If they're not buying, then we're not selling."