Skip to comments.EU: Nightmare week for Angela Merkel as austerity bloc crumbles
Posted on 04/24/2012 4:08:15 PM PDT by bruinbirdman
Europe's political centre is starting to crumble, replicating the pattern of the early 1930s as the crisis ground into its third year under a similar mix of fiscal and monetary contraction.
Elected governments have already been swept away - or replaced by EU technocrats without a vote, indeed to prevent a vote - in every eurozone state where unemployment has reached double-digits: Spain (23.6pc), Greece (21pc), Portugal (15pc), Ireland (14.7pc) and Slovakia (14pc).
The political carnage has been striking. Ireland's Fianna Foil, creator of the Irish free state, has lost every seat in Dublin. Greece's Panhellenic Socialist Movement (PASOK) - torch-bearers of Greek democracy since the Colonels - has fallen to 14pc in the polls and faces ruin next month.
This week the tornado has smashed into the core, bringing down Holland's govenment and probably the French leader Nicolas Sarkozy as well in a cacophany of anti-EU diatribes.
Keynesians blame budget cuts, convinced that the pace of fiscal tightening - a net 2.5pc of GDP in Spain and 3.5pc in Italy -is beyond any sensible therapeutic dose, and already shown to be self-defeating in Greece, where economic collapse has left the deficit stuck near 10pc.
Monetarists blame the European Central Bank, accusing Frankfurt of tipping half of Europe back into slump by responding to last year's oil shock with rate rises. The effect was to compound drastic falls in real M1 deposits across Club Med, and trigger a credit crunch just as banks were slashing balances sheets to meet new rules. While the ECB has since launched its 1 trillion liquidity blast, this is not quantitative easing and has toxic side-effects.
The results are in: the hard-Left and hard-Right are on the rampage across Euroland. We have not reached breaking point of July 1932 when Nazis
(Excerpt) Read more at telegraph.co.uk ...
Hmmm, we have an election coming up too.
Where are you? US? France?
I was writing about the US election.
They haven’t had to take care of their own defense since the end of WWII and have used the money they saved on long vacations and other welfare goodies.
With the possible exception of the Brits you've got it pretty much right.And for that matter the same goes for Canadians.I like and respect Canadians but they've gotta admit that they've had a pretty good deal,all things considered,for the last 60+ years.
Sounds to me like all of Europe is ready for a “Great Man” to step in and take over things there. He will want to make a 7 year peace treaty with Israel right off the bat. Form a one world religion and economy system. Yep, the time is nigh.
Whoever has the most guns, ammo and “will”, is going to win the coming battle.
Patriotic Americans always have guns, ammo, and “the will” to win any fight. The rest are surrender monkeys and cowards and will fall by the wayside in the first minutes of the coming revolution.
I hope you are right. Lately I've been thinking that the defacto militias in this country are the gangs. They are armed, they have the discipline of fear, and they often have an ethnic commonality that has been trained out of good ole' Americans. For the most part they are younger and more violent, too.
They also don't have to look very far, or try to organize, their allies.
Both those who criticize fiscal tightening and those who criticize rate increases have a point. Those steps should have been taken years ago, when they would have saved the situation. At this point, they are just making things worse.
I hate to say it but we've become a nation of wuzzies....young men playing pretend tv war games and having pretend girlfriends on the computer.....that's not what you want in good fighting men...
My FRiend, you gotta go to a gun show.
I've been. But, organization counts for a lot--when I go to a gun show, I'm there as an individual. When I go to the range or gun club, I see people I'm friendly with, but they are spread all around, and aren't going to respond to an emergency at my place. There's no C3 -- command, communications and control. Marauding bands from the city will have cohesion. Country folk won't, at least not initially.
Didnt always be that way. Since WW2, the US has been propping up Europe’s defense against Russia. This let Europe use money that otherwise would have been used for defense, and a reason to be responsible with their wealth, but instead strayed over into stupid socialist programs like state-run healthcare and bicycle paths for their citizens.
meanwhile the Pacific rim is thriving.
China and India are the engines of growth as they become increasingly a market for those selling both goods and services.
they lack discipline and can’t shoot straight
Once the interstate hiways are cut, they will starve