Irish rage at having to suffer to save Europe’s bondholders of Irish banks, the anarchy in England, riots in France to protest a rise in the retirement age to 62, the violence that wracked Greece, the precarious condition of Portugal and Spain, the anger of Germans at having to bail out their profligate EU partners — raise the question:No doubt about it, rough seas are ahead. America still has a lot going for it--I may go into detail sometime, but not today, I should be getting ready for work--that will enable it to come through the crisis in better shape than Europe, I think,though that may not be saying much.
Can Europe’s welfare states be downsized without violence surging, governments falling and populists coming to power who will default on debts rather than force the masses that elected them to suffer to save the bank investors?
Can European democracy deal with the gathering storm?
Is not a national default and a collapse of banks across Europe inevitable? And could such a collapse be contained in Europe when America’s big banks are all transnational institutions?
Crap. All this pain and crisis because people wanted to live way beyond their means and wanted government to make it possible.