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Europe’s Coming Summer Of Discontent

The summer of 2010 promises to be the most tumultuous summer in the short history of the European Union.  The sovereign debt crisis sweeping the continent threatens to cause economic and political instability on a scale not seen in Europe for decades.  The truth is that governments across the eurozone have accumulated gigantic piles of debt that simply are not sustainable.  Prior to the implementation of the euro, these European governments often "printed" their way out of messes like this, but now they can't do that.  Now they either have to dramatically cut government expenses or they have to default.  But the austerity measures that the IMF and the ECB are pressuring these European governments to adopt are likely to have some very painful side effects.  Not only will these austerity measures cause a significant slowdown in economic growth, they are also likely to cause the same kinds of protests, strikes and riots that we saw in Greece to erupt all over Europe.

You see, most Europeans have become very accustomed to the social welfare state.  Tens of millions of Europeans aren't about to let anyone cut their welfare payments or the wages on their cushy government jobs.  In most of the European nations that are experiencing big financial problems there are very powerful unions and labor organizations that do not want anything to do with austerity measures and that are already mobilizing.

As the IMF and the ECB continue to push austerity measures all over Europe this summer, the chaos that we witnessed in Greece could end up being repeated over and over again across the continent.  This could truly be Europe's summer of discontent.

The following are just a few of the countries that we should be watching very carefully in the months ahead....

Spain

In many ways, the economic situation in Spain is now even worse than the economic situation in Greece.  Spain's unemployment was already above 20 percent even before this recent crisis.  There are now 4.6 million people without jobs in Spain.  There are 1.6 million unsold properties in Spain, six times the level per capita in the United States.  Total public/private debt in Spain has reached 270 percent of GDP.

But this past week things really started to spin out of control in Spain.   Ambrose Evans-Pritchard of The Telegraph describes the current situation in Spain this way....

For Spain it has been a horrible week. The central bank seized CajaSur and imposed draconian write-down rules on banks to restore confidence. The Spanish Socialist and Workers Party (PSOE) of Jose Luis Zapatero then rammed a 5pc cut in public wages through the Cortes by a single vote, shattering consensus. The government cannot hope to pass a budget. Its own trade union base is planning a general strike.

The austerity measures that Spain has been pressured to implement have proven so unpopular in Spain that many are now projecting that Spain's socialist government will be forced to call early elections.

Spain finds itself in a very difficult position.  They have a debt that they cannot possibly handle, the IMF and the ECB are pressuring Spain to implement austerity measures which are wildly unpopular with the public, and if Spain does implement those austerity measures it may send the Spanish economy into a downward spiral.

In addition, the fact that Fitch Ratings has stripped Spain of its AAA status has pushed Spain to the edge of financial oblivion.

A recent editorial inEl Pais spoke of the "perverse spiral" that Spain's economy is entering....

"The Fitch note drives home the apparently unsolvable contradiction in which the Spanish economy finds itself. To maintain debt solvency Spain must squeeze public spending: yet this policy undermines the chances of recovery which itself causes further loss of confidence."

And Spain's very powerful labor organizations are not about to take these austerity measures sitting down.  In fact, the two largest trade unions in Spain are already calling for a general strike.

So could Spain end up being the next Greece?

France

France admitted on Sunday that keeping its top-notch credit rating would be "a stretch" without some tough budget decisions.

But French citizens are not too keen on belt-tightening.  We all remember the massive riots in France a few years ago when it was proposed the the work week should be shortened.  It certainly seems unlikely that the French will accept "tough budget decisions" without making some serious noise.

Italy

The Italian government recently approved austerity measures worth 24 billion euros for the years 2011-2012.  But the Italian public is less than thrilled about it.

In fact, Italy's largest union has announced that it will propose to its members a general strike at the end of June to protest these measures.

Portugal

Under pressure from the IMF and the ECB, Portugal has agreed to impose fresh austerity measures that include much higher taxes and very deep budget cuts.

And the truth is that Portugal desperately needs to do something to get their finances under control.  Recent EU data shows that Portugal’s total debt is 331 percent of GDP, compared to only 224 percent for Greece.

So will the Portuguese public accept these austerity measures?

It doesn't seem likely.

In fact, Fernando Texeira dos Santos, Portugal's finance minister, says that he expects "violent episodes" comparable to those in Greece but insists that there is no other option.

So it promises to be a wild summer in Portugal.  The CGTP trade union federation in Portugal has promised to mobilize their members....

"Either we come up with a very strong reaction or we will be reduced to bread and water."

Romania

They have already been rioting in the streets in Romania.

Tens of thousands of workers and pensioners recently took to the streets in Romania to protest the harsh austerity measures that the Romanian government is imposing at the request of the International Monetary Fund.

The Romanian people have been through incredibly hard times before, and they aren't about to let the IMF and the ECB impose strict austerity measures on them without a fight.

Germany

It is being reported that Germans are bracing themselves for a "bitter" round of government budget cuts.  It seems that even Germany has some belt-tightening to do.

In addition, resentment is rising fast in Germany as the population there realizes that it is Germany that is going to be the one funding a large portion of the bailouts for these other European nations.

How long will the German people be able to control their tempers?

Ireland

The Wall Street Journal is warning that Ireland could be Europe's next financial basket case.

Why?

Well, the Irish have gotten into a ton of debt, and they are now finding it very expensive to finance new debt.  The Irish government is now paying approximately 2.2 percentage points more than Germany is to borrow money for 10 years, while Spain (even with their economy in such a state of disaster) only has to pay 1.6 percentage points more than Germany.

But if "austerity measures" come to Ireland, how do you think the public will react?

It likely would not be pretty.

The United Kingdom

The exploding debt situation in the U.K. was a major issue in the most recent election.  David Cameron promised the voters to get the U.K.'s exploding debt situation under control.  But the coming budget cuts are likely to be incredibly painful.  In fact, Bank of England governor Mervyn King has even gone so far as to warn that public anger over the coming austerity measures will be so painful that whichever party is seen as responsible will be out of power for a generation.

But it isn't just national governments that are in trouble in Europe.  The European Central Bank is warning that eurozone banks could face up to 195 billion euros in losses during a "second wave" of economic problems over the next 18 months.

The truth is that almost everyone is expecting the next couple of years to be very tough economically all across Europe.

But the vast majority of the European public is not going to understand the economics behind what is happening.  All most of them are going to know is that the budget reductions, tax increases and pay cuts really, really hurt and that is likely to result in a whole lot of anger.

When Europeans get really angry it isn't pretty.  If what happened in Greece is any indication, this upcoming summer and fall could be a really wild one throughout Europe.

"Euroland, burned down. A continent on the way to bankruptcy"
-The front page of Der Spiegel, May 5th, 2010

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  • Charles Hoyenski

    I used to work for a company here in Austin, TX (USA).
    We had field engineers that went out to France and complained that “I can’t get the job done because these people only work 35 hours a week” At the time, I was working over 60 hours a week at this (American) corporation.
    Yeah, I guess the european’s have to get thier act together. They still take a full month’s vacation in July while the rest of the world is at work.

  • Gus

    Time for the nihilistic Europe to go down the drain. Welcome to the “third world” With “love” from the South!

  • Ines

    I moved to Croatia from Canada. Croatians here complain about working 5 days a week, and have no clue what it’s like to work without a vacation.

    And Charles, everyone here takes the whole summer for vacation including our government. If you’re building a house and need permits, you’re out of luck until September.
    People here don’t realize how good they have it, cutting a bit here and there isn’t going to be the end of the world.
    Problem here is that all that tax money we pay out ….you don’t see it being spent …everything is dirty, degraded, falling apart, unlike Vancouver, you see the city very well kept so you don’t have a problem paying taxes when you know they are being spent properly.
    Prepare…food…water…whatever will keep you safe …tough times are coming everywhere.

  • gee

    What we need is peaceful revolution, riots will only destroy livelihoods and cause disruption to the person on the street. If there are riots, they are probably going to be organised by the government as this is exactly what they want. An opportunity to try out their new toys on us and an excuse to try and put us in our place, as they see it. Peaceful rebellion, taking up of common law and mass peaceful disobedience is the way to defeat the terrorists we have in the governments. Then let the debt ‘they’ took on board be landed on their shoulders, and their shoulders only. I didnt ask for the debt, so i’m not liable for it no matter what they think, but like so many others I will see the crap floating around from it.

  • Aleedsfella

    Yes the European dream is all but over! The politicians and the wealthy elite they serve are desperate to prop it up and keep the New World Order on course. But your average European person is more than happy to see it fail! Just as the North American people should do all they can to stop the North American Union.
    All western governments are corrupt to the core these days due to the hidden influence of organisations like “The Bilderberg Group” here in England the mood is changing, People are starting to realise we are in financial ruin. The quantative easing (aka printing money) has kept the pain away, but now its stopped and all the expected problems are back.
    I was a £30k + over time a year printer and now that gang of second rate social workers we are forced to call our government expect me to go work for minimum wage (£10,800 p.a.) in order to keep the economy going? They can F- off! I am praying for the collapse, I know it will be horrible but its the only way to purge these lands of the parasitic Government and corporations.

  • MIke

    Charles; And they are right to not relinquish their standard of living quietly into the night. There is no need to, except if you want to acquiesce to the greed of the IMF and the big banking cartel. They are the ones who constantly inflate the money supply that is based on debt not value, buy off politicians, lobby for what were yesterday considered “criminal” laws to be put in place, and then want to lower our standards of living and make us foot the bill while they set themselves up as a global technocratic dictatorship. We should have some nuts in the sack and do the same instead of thinking it’s patriotic to work like a slave for an off shore banking cartel that has co opted your republic and turned it into a slave nation of worker bees where you can’t even control the temperature in your own hours, or how much water is used when you flush, where you kids belong to mother state and obama bin biden loves you.

  • english matt

    “Yeah, I guess the european’s have to get thier act together. They still take a full month’s vacation in July while the rest of the world is at work.”

    fyi, here in england the typical working week is 43 hrs. i do 4 12hr shifts. admittedtly, the french do have the shortest working week, but dont paint us all with the same stick. i know the usa is big, but comparing spain to england is like saying north dakota is the same as mexico and they all have to get their act together.

    I am sure tho, that the rockefeller/rothschild IMF will have 60% of the population in official poverty within 3 years.

  • CD

    Britain has fought Brussels against losing overtime rights for a long time. No-one I know here works just 35 hours a week; it is at least 37.5 and the average is higher.
    The last time I can recall a national 3-day working week was in the 1970′s’; I dont think it affected everyone then, but it probably will this time.
    It is true most people dont understand the reasons for the austerity measures, but they’re gonna have to start reading up pretty quick because they will be overtaken by events. The euro should never have happened; the great European project is a hell-hole of trouble, dragging down all the member-countries with it, irrespective of whether they’re in the euro currency or out of it.

    Sensible people are already pulling in their horns and making plans. Those who just saunter on regardless are going to get a very nasty shock when the brown stuff hits the fan.

  • Tannaberton abacrombie

    Second now!
    If people get to take a month off and enjoy life, they deserve it.
    Why bust your ass for 60 hours a week and watch in envy as someone has a life other than making it easy for your masters.
    I have tried both and easy is not only easy its better.

  • Ian

    Hey Charles,
    i just wanted to say that this mentality is causing problems among working people. Instead of you americans asking for more, you ‘re asking the rest of the civilized world to lose their rights, which they gained thorough years of struggle. It’s no wonder the IMF is requesting for us to become america. But even if we did we wouldn’t be saved. Your system is broke too. It betrayed all of us (and you) and sent our jobs to countries with NO rights at all. So, your mentality means that you should be working EVEN MORE to be competitive to chinese or indian working people, who are working for 18 hours a day for a fraction of your wage. Think about that.

  • http://www.snowdoves.eu Simon Miller

    For years now, I’ve been watching the “debt problem” rise, and rise. All along, I’ve said there’s a very easy solution. I call it “the NHS Bank”.

    If you follow the banking rules, you’ll understand what Fractional Reserves can do for yoy, and how you can turn a very small amount of money into 10 x its original value. There are tricks to take this even further with inter-bank lending. But the point is, wouldn’t you rather it be your morgage that’s paying for the NHS (and all other services) as opposed to your tax?

    As a secondary, the profits made by the NHS Bank would be paid out to the shareholders (the people) thus, more taxes paid out, and the people don’t suffer under Austerity measures.

    I could give a lot more detail to anyone intersted. I’ve told no.10 Downing street more than once, and never had a letter of thanks.

    The UK are already halfway there – owning Northern Rock. Time to bring prosperity back to the people – not the banks.

    This same system can be used in any coutry. So why isn’t it? Simple. The banks own the governments, and the governments do as they’re told. So riot all you want – just remember, complaining that your suffering will bring you only more suffering.

    Asking why the Government doesn’t kick the bankers where it hurts, and start printing money for themselves (as it should be) is what we should be protesting about!

    Think about it – recently, we “bailed out” the banks all across the US and EU, and probably other trade areas too. So answer me this, how can creating debt (money) and giving it to the banks (who have an infinite supply) actually help anything, except to get us into more debt!

    It’s even more laughable when they want to lend you this money – which is, after all, your own money. Where’s the ethics in this?

    BTW, if you look at the rules and regulations of banking, you’ll quickly realise a couple of statistics. Banks can under the current rules, lend 10 x more than they have, and at interest. Which pays back anywhere from 30% to 300% (or more) in addition to the original loan. If you consider the inter-bank lending too, you can stick another 0 on the end of those figures. So, with this much profit, and we’re talking easilt 00′s of percent – can anyone see how it is possible for a bank to actually report a loss?

    Yes?? Check the data my friends – it’s your signature on that promisary note (loan agreement) that creates the money – it’s your money, not theirs. They created it on your say so, then keep it, and lend it out 10 x over, giving you back the amount you asked for, which you already own – it’s not their money – and ask you for interest. They get the original amount back plus all that interest. What do you think they do with all that money? Come on!

    in any other business, this is called fraud. I can’t see how a bank can ever report a loss. Massaging the figures, so to speak – is the only option. So look what happens when you give them a stack of cash, as in, the Bailouts – they re-write their books, report Billions of profit, and take it to the shareholders. Them. The banks down’t need your money, they’ve already got it, and more.

    The goverments can easily solve this little blip by changing the financial model of how things work to benefit the people, and not corporations. Who needs to complain when we can tell then the solution? – and Keep telling them until they remember who they’re supposed to be working for, ie, the people. We gave them their power, and they only maintain that power if we the people wish them to. So riots may be coming – but I don’t want to see riots – I want to see solutions.
    - Simon -

  • Lindzi

    Alot of Europeans have very different values to yours Charles, we value our gentle lifestyles and families over “Sparkly Stuff” and do not want to get on the merry go round round of slogging, spending and consuming.
    I personally have very little but am happy to because I see my family and hold them very dear instead of the latest flat screen or Blackberry! I along with many others haven’t fallen for all the Consume Consume advertising and I do not think that we as a people should be knocked for that.

  • James Wilkins

    I just spent two years in the EU. They’re completely mad.

    In Poland, they have no less than 22 paid, mandatory holidays per year. Plus, by law, companies have to give you ten days each of paid sick and personal time; if you get a note from a doctor, you don’t even have to use one of your sick days.

    Work ethic is highly lacking. If the day starts at 7:30am, for example, people will be waltzing in the door anywhere between 7:35 and 7:55am. It’s not uncommon for the boss himself to be twenty minutes late three days a week. Then, nobody gets right to work. They all stand around the coffee machine for (I’ve seen it go as long as) up to a solid hour.

    The day started at 7:30 in the morning, and it’s easily 9 or 10am before anybody starts producing.

  • Mswings

    60 hour week????????? what??? I’m in the Uk, and I do a 36 hour week! And that is more than enough!
    We weren’t born on this planet to work off our arses then die! Life is not about work or even money and that is the leson we are about to learn….big time! And thank God! Not before time!

  • G.Fischoeder

    to Mr.Charles Hoyenski
    a full month vacation is nothing.In Germany I enjoy 12 month vacation plus 500 $ cash social welfare, free housing, free medic care and a lot of other benefits and all this for the last 15 years.

  • nexus1

    I wouldn’t be pointing the finger if i were you, Charles. At least their union leaders seem to stand up for them. The union leaders here in N. America have been selling us out for the last 2 or 3 decade’s. Giving away job’s and forcing the remaining worker’s to work twice as hard for the same $’s.
    In the 1970′s, the average household income in N.Amer. was $50k/y. With only one family member working. Now, the average income is still $50k, but with 2 member’s working.
    The welfare state in Europe is coming here. The signs are already showing. Unemployment skyrocketting, but lots of Government jobs available.
    Instead of doing 60 hours, how about cutting back to 40 and giving the other 20 to somebody who gets 0 hours? Or do you need that extra 20 to pay for your SUV?

  • Trond

    Well. There is working smart and there is working hard.

    How much a country works, it not the relevant measurement, the output production is.

    Every time I have worked 60-65 hours a week, it has been because of bad planning and choices, lowered the quality of my work and ultimatly burned me out.

    The problem with Europe is not its production output, its the size of goverment. Likewise in the US.

  • CHRIS

    “You see, most Europeans have become very accustomed to the social welfare state. Tens of millions of Europeans aren’t about to let anyone cut their welfare payments or the wages on their cushy government jobs. ”

    What a stupid thing to say. So what do you do….sit on your arse and publish Bull or work for wall street. “Austerity measures” is a type of “new speak” created by the evil ***** who have raped the planet for their own gains.

  • wesley

    a person is 100% prductive 5 hours per day, those who “work” long hours produce as much as the person working 5 hours

  • F. Scott Searl

    I’m 60 years old, making less now than in 2002. Working 40 hours per week, and driving an hour each way to commute. Overtime has been eliminated, and barely can make house note and bills.
    Having 30 years experience, I work too hard to be so old. I owe over $30,000 in State anf Federal taxes. If it all goes bust, I’l be happier living in a ditch, though not as comfortable…

  • http://bowssenbath.blogspot.com/ bowssen

    Work is a form of enslavement, and I admire the Europeans for actually having SOME control over their work lives, whereas in America it is simply do or die. What does it matter if many take a whole month off? Hell, the whole world should just stop working for a month and try enjoy life for once. Americans live to work, but Europeans work to live. “Poor” work ethic is human, how can people be criticized for socializing? Are we not social creatures? The concept of perpetual work just runs counter to human nature. I hope the Europeans give the bankster elite hell when their living standards are attacked with austerity measures.

  • chris

    You work your whole life and still have nothing…If u still have to work hard after a 25 years career that means u do something wrong, and u shouldn’t be proud that u “work hard”, u just inefficient…..And than you must work after retirement to have money for medicals, and work your days off and work your vacation, you ignore ur family, and than you die, just like poor people or rich people…alone….But i guess some are OK with this because they cannot find a better reason for their life’s…ill take a break.

  • steve

    The one consistent thing i see is that every county is in debt. To whom are they indebted to? The IMF and Central Banks. These are privately owned institutions. If our governments took back the duty of printing our money we would have no debt. Debt is how people and countries are enslaved. Don’t believe me do your own research like i did.

  • chris

    sorry I’ve been so harsh….

  • European

    Are you aware of the staggering amount of taxes we pay, directy, indirecty and through our employers? We will be paying the same (and more) and at the same time they will be cutting what we get for our money.

    Perhaps you’d be happy with that. We are not.

  • Meep

    This has been one of the first of comment pages where I have actually seen some intelligent thoughts. Great comments all. I agree with Wesley and Trond that basically high production can be done in 5 hours and working more just burns out your work force. I work part time and get more done in my time than my full time associates who frequent the break room or waste time on other inane things. When I work I work and get er done and I make very good money doing it. I also agree with Mswings and bowssen amongst others. Have to stop and smell the roses too otherwise what the heck are you working for? You could be dead tomorrow. No one ever thinks of that. My brother works 60 hour weeks and complains about it all the time but I keep telling him it is his choice. We all have multitudes of choices but most are unaware they even have them. Everyone wants the cush without the push. I wish I could reply to all the comments. I do think that everyone should work in some form or fashion and not be on the dole for their entire life and then cry when it is taken away. There is personal fulfillment in working and not just punching out babies who are trained by their parents to continue that trend to continue sucking the support of the working. In my opinion government workers used to be servants but now we serve them. They do less and get more and we do more and get less. It’s a broken system everywhere. Socialism will never work. Never has. The bills need to be paid but not by those who have a conscience and a work ethic. Tired of supporting the nonworking majority. Disabled I can understand but not out and out laziness. Let them riot and then they can get 3 hots and a cot in jail for free again paid by us the working. A never ending cycle. Just don’t seem right. During my 30 working years I have never been on the dole even when I lived on the street. Mowed lawns, painted, cleaned gutters, etc. There are always jobs when you actually look for them and use your wits instead of your whine. People are naturally arrogant. “OMG I could never do THAT job”. Dimwits in nature normally don’t survive. When the head is dumb the whole body suffers. Natural selection should be allowed to proceed. My three cents.

  • Concerned Reader

    How does the Muslim population play into Europe’s economic turmoil? From what I hear they are in pretty dire straits when it comes to Islam in Europe. Supposedly unemployemnt is very high in Europe’s Muslim population is significantly high and with the large number of radicals among that population a bad economy could bring out the worse.

  • Charles Hoyenski

    Wow ! I did not think I’d elicit such a scathing response !. European’s make a lot of assumptions about us here in the USA, I don’t fit any of the ones mentioned here:
    1)I’ve never owned a flat screen tv (they don’t last long and the technology is poor).
    2)I have never owned a cell phone, and my car (which currently is inoperable), is 35 years old and paid for.
    3) I own a house, pay taxes and have no credit cards.

    Not all Americas are the “gansta thugs” you see on videos. What we DO have that European’s envy is one unified nation speaking mostly English (though I speak Spanish as well, my ex wife is Mexican as are my children), and a common sense of identity.
    I feel sorry for you “euro people” you’ll never be able to have the racial harmony and ethnic diversity of us Americans, I love my country and I voted for Obama, I could never see a man like him heading the EU.
    We have the best of both worlds here in the US:
    A safety net of unemployment insurance (thank you FDR !) and food stamps, social security etc. but we also have reasonable taxes and despite our current problems, a favorable business climate.
    In most of the nations of the EU the taxes are to high, and the benefits are to generous to stimulate investment in new enterprises. We still create new and innovative firms here in the US (and Canada follows our lead).
    I feel the solution is not one of extremes, albeit, a draconian modern capitalist state like china with a repressive communist government overseeing all, nor is it a socialist nanny state like Greece (where you can retire at 40, I cannot retire before 70 here in the US), but something in
    between, like what we have.
    We currently have a “border dispute” with Mexico regarding immigration and drugs, Obama met in private with the president of mexico recently, it’s just a question of time before the “Cancun accord” becomes reality and Canada and mexico are united with US (no pun intended) Americans. The “Amero” will be the new currency and we can fix the mess in Mexico and even improve the life of Canadians (Inez, would it not be nice if we could work in each others countries, buy real esteat etc. all under the less restrictive and taxing rules of the US / Nafta ?
    It’s nice living in North America !

  • donkey_shot

    this blog calls itself the economic collapse. reading the disinformed lead article, I cringe at what the author calls for “between the lines”:

    work more! bend over backwards for the international zombie banksters! become like us in the great USA! relinquish the rights you fought for for centuries!

    however I can assure all and sundry: this will not happen; we are not the USA which is already run by that small oligarchical elite and lets these f*çk the people up the @rse. 1% of the population in the USA owns 40% of all assets: we are not there yet!

    and by God the working peoples of europe will put up a fight before the IMF and the ruling elites gets them there – summer holidays notwithstanding!

  • Boldhawk

    Charles, Gus, Ines,

    There’s enough resources and skills, particularly efficiencies in most Western and European countries to where 5 hours of work a day would produce far more than each country can consume plus to generate enough surplus to give to needy countries.

    The problem is very clear to more and more people every day, and that is the monetary systems, and those who control it. I’m not going to take the time to educate you; there’s tons of material on line that tell it like it is… start with the book, Web of Debt.

  • Christopher Johnson

    I am 24 and I am french. Sorry for my bad english, i understand it well, but have no occasion to practice. I understand the things that Charles is saying, but he is just wrong. This crisis is not your average crisis. This could bring down the entire civilisation of materialism.

    Me, my friends and family, are afraid of what is coming. But, at the same time, we are very pleased. Because this is the end of capitalism, as a religion, which celebrate money instade of life and god. America will probably suffer the most in times to come. Because you have no culture, no hope, no ideals, beside money and consumerism. Your nation was never one of freedom, but one of materialism.

    Obama is the exact picture of that fact.

    I dont give a damn about who leads the world. What cares, is whether or not I am able to live a happy life whith every one. And America has led the entire world to this : debt, neverending debt. And now, bureaucrats and banksters want us to die trying to pay their intersets and golden parachuts. I dont want to spend the time I have on this earth, working and suffering for this absurd matter.

    Everyone in France is ready for a civil war against the intelligentsia. It’s only a matter of time now.

    You american people, should now seeks for a new dream and a new way of life. The old one, we know it by now, was very wrong.

  • A regular guy

    All I can say to my US comrades:

    Tighten your seat belts, stock up on food supplies and water. For money, start exchanging your extra savings (those green tokens and digits in the banks) for silver and gold.

    Start spending more time with God and your family.

    This man-made system is broken, and you know as well as I do, things are only going to get worse here in the US. So, prepare while you still have the time and resource.

  • mopinsky

    Thanks for your comments all of you! It´s really interesting to see this wide range of opinions and partly prejudices about our different lifestyles and -concepts in western neighborhoods, as well as to read those comments from rather poorly informed people creating a climate of fear concerning our future.

    I am a self-employed webdesigner living in Germany, working hard (40 to 65 hours a week depending on my order situation, no payed vacations, no free healthcare, same hourly salary for more than ten years) trying to remain in control of my personal freedom and at the same time raising up two children providing them my best possible support to succeed in their lifes.

    If I could easily leave my country and earn necessary income abroad while escaping the steadily growing pressure from big brothers tax man I would do so – rather today than tomorrow.
    (Hey, Mr. G.Fischoeder, short note to you! I don´t wanna pay your lazy arse with my taxes any longer! Shame on you if it´s true what you say! Stop ripping off honest people immediately and go find yourself work!)

    Our common basic problem is indeed our financial system and especially the existence of interest rates on credit and the herein implemented way money is controlled and created by privately owned capital. I also agree with Simon Miller on the importance to regain taxpayers control on money creation itsself. But to be honest, I also want to be payed fairly for my work (being able to make enough for living) and asure some way to being prepared for bad times or being old…

    Second big problem is our political so called democratic system which allows politicians to promise and hand over money to their electors by taking it as credit from our children. If Mr. Obama and his financial whatever Geitner had to pay back the money they´re now pumping into the system they surely wouldn´t do so. Their way to solve Americas problems will in the long term expropriate and enslave millions of Americans and their children. Who else is going to pay for all the excesses of the past???

    Let me try to conclude from a more rational point of view: either all those clever millionairs voluntarily return some big part of their wealth to society or sooner or later will loose their property by force and violence of millions and millions of hopless, chanceless and angry grown ups.

  • http://khronographe.net/bestiaire Julien

    I am French. I’d have no problem with budget cuts if our so-called leaders would do the same… But they aren’t.

    Example : Éric Woerth, French budget minister, claimed he had a list of 3000 tax evaders that he was about to catch. Now we learned his wife was managing the Bettancourt fortune (wealthiest french citizen, ever) and that madame Bettancourt had 2 undeclared accounts in Switzerland and owned an undeclared island in the Seychelles cluster. Best, the same woman gave money to French republic président Nicolas Sarkozy and Prime minister François Fillon and then tried to influence them regarding a soon-to-be trial.

    There is NO bloody way MY money will pay for their greed and mismanagement. To hell with them, take the money where it is, I own nothing anyway.

  • Charles

    The Jews has their Sabbath. In one year there are 52 weeks. So 52 days (more than a month) they don’t work. They existed for thousands and thousands of years.Can we learn something from them??

  • Mom of 2

    To all those reading the comments by Charles Hoyenski..Understand that he spends many months sucking on the government teet with unemployment, free medical and foodstamps. Sure he owns a home is also behind on his child support payments over $5000 and refuses to pay for his kids. Is this the kind of person you wish to believe? A DEADBEAT DAD…He should leave the blogs for those who really give a hoot about other people!!

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