Things are bad out there but we haven't hit the stage of total breakdown of society . . . YET
When that time arrives, I'll say, "You, you, you, and you; panic. The rest of you, these are your instructions . . ."
In the meantime, here is an introspective read:
London was gripped by massive demonstrations over cuts to university funding earlier this week. Both police and protesters were injured. Prince Charles' car was assaulted. The riots were sparked by the government's decision to raise maximum university tuition rates, although the top rate still works out to only about $15,000 in American dollars per year. A disgusted cabbie told Time it was "the sort of thing they do in France."
He's right about that. France was paralyzed by massive strikes and demonstrations in October, brought on by the government's decision to raise the retirement age from 60 to 62.
After London, we saw a somewhat more restrained set of riots in Rome . . . once again prompted, in part, by cuts to university funding.
Things got much worse in Greece on Wednesday, as a massive general strike degenerated into violence. Rioters trashed cars and threw firebombs to protest "austerity measures." A post office was set on fire. Back in May, rioters in Athens killed three people when they burned down a bank.
We're a little behind the European curve, but then, we haven't started implementing "austerity measures" yet. Far from it – the Democrats just dropped a trillion-dollar omnibus bill in our laps, which doesn't cut a dime from the outrageous spending that got them pounded in the midterm elections. The sole form of "fiscal restraint" understood by their party is tax increases.
Well, 90 percent of our deficit is due to spending. There is no possible way to tax ourselves out of that hole, any more than England, Greece, Italy, Ireland, Spain, or Portugal could.
Margaret Thatcher once observed that "the trouble with socialism is that eventually you run out of other people's money."
That moment has arrived, both in Europe and the United States.
— John Hayward
Sent from my Verizon Wireless BlackBerry