With half of those under 25 unemployed there, and total unemployment at 25% and rising fast, austerity may be the only path but it’s not a sure one. A lot of people aren’t going to survive it; remember the line “9 meals away from revolution”. If enough value isn’t created fast enough (not printed), attrition is the remaining solution.
Methinks our leaders are looking at the same future and figure if a crash is inevitable they may as way party their way to it.
>> A lot of people aren’t going to survive [austerity]
Yes. That’s correct.
>> “9 meals away from revolution”.
Yes! Civil unrest, up to and including revolution, is one possible (and unpleasant) outcome.
Note on both of the above: BAD OUTCOMES ARE A DEFINITE CONSEQUENCE OF BAD BEHAVIOR. As inconvenient as that fact is, it can’t be wished away.
>> If enough value isn’t created fast enough (not printed), attrition is the remaining solution.
Yes. However, the real problem is that over the last few decades the world has largely shifted its mindset away from generating new wealth through productive endeavor, towards “making money” by speculating on increasing value in something (the something flits from real estate to equities to precious metals to junk debt to...) Just as many occupations in the speculation industry (think real estate and construction) are gone never to return, many bubbles have popped for good (I hope anyhow). Reinflating these bubbles, if it is in the cards, will only kick the can down the road.
That problem is compounded by an attitude of entitlement to various government benefits, cradle-to-grave. It’s as if every restaurant is a smorgasbord and every patron a fatty who expects to pay 99 cents for all they can eat. Unsustainable.
The economic upheaval of the ‘30s was quite different from this upheaval. Whatever Uncle Ben thinks about his vast knowledge about the Great Depression, his toolset is not appropriate for dealing with this one.
“Methinks our leaders are looking at the same future and figure if a crash is inevitable they may as way party their way to it.”
A global economic Barackolypse makes the world government go round.
People starving worldwide will accept it to get to eat.
In the minds of our “leaders”, everyone wins. They get world government, and the people get fed.