Well, well . . . it's about time . . .
Europe, which in my books has always been more progressive, liberal (I'm throwing these terms out to give it mere context)and not afraid to voice it's opinion. That is the people, and some government officials, unlike their North American brothers and sisters who are more apt to sit by, watch their Dancing with the Stats, then read, or worse still investigate their world, and the tidal wave of changes occurring in their own backyard.
Having said that, Europeans are well aware of the coming financial tsunami awaiting us all, just over the horizon.
A bit of background . . .
Debt, I won't get into the nitty, gritty details, lets just agree, that debt, both personal and state, is the next major crisis that will befall us all. Well, the Europeans have seen the writing on the wall, and are not pleased by the coming hurt, such that millions upon millions have taken to the streets. This ITN report merely scans across the masses who have become all too aware of the realities of the next few years.
Both the US Federal Reserve head Bernake, along with EU officials have once again made note that the 'economic recovery' will take longer then anticipated. At one point in time Bernake stated the recovery to take flight 2010-2011, though in his defense he was quite particular in the fact that such a recovery would be slow. Now they are projecting such a recovery as needed, won't be showing its head until the very earliest 2013-2015. Which would make this, the second longest economic downturn in modern history.
Now world financial officials are publicly making note that the conditions depended upon such a recovery have not shown to be stable or even sustainable. In the US it's an obvious giant elephant in the room, the accumulated government and personal credit/debt of over 47 trillion dollars. Even if you factor out personal debt, the US federal debt for 2010 is a reported 22 trillion dollars. One must also take into account that, at the peak of the US economic boom bubble period, it's GDP (gross domestic product) merely crested above 21 trillion dollars. It doesn't take a 6 grade education to realize, that with the recession, such GDP is unobtainable, therefore, that 22 trillion, is just piling up, upon the rest of the nations debt. Some have even crunched the numbers to such a degree, and it works out to anywhere between $31,000 - 178,0000 for every man, woman and child. That's not the total, that's the yearly amount owed to . . . get ready . . . throw in the drum roll . . . to the debt holders, who can be listed quite easily; Japan, Britain, the EU and the grand daddy of them all, China.
Now, the US manages their debt through the sale of treasury bonds. As of September the single largest holder of such bonds, is, not China, their in second place, but the US Federal Reserve. Who in turn, print money to buy government bonds, so the cycle continues. Why do such a thing, sounds insane? It's an easy answer, no one else will buy such bonds, for the realistic fear that such bonds will never be paid in full. These bonds, if you do the math, can never be cashed, because by the time they mature, the US will have no choice, but to default on such loans/bonds. Why? It's called the debt spiral, and right now, the US government, federal reserve, treasury and public officials are all well aware of what is going on, and are bracing themselves, for the roller coaster plunge down.
Protests such as those occurring in Europe in regards to Austerity measures, are coming to North America. My personal concern, is for the fact, that in the US, there are more guns then citizens. Imagine a country such as the United States, forced into a top down austerity crunch. Don't think there will be violence? If you don't, you deluding yourself. Just reach back into history, and witness the violent reaction of the American people; Vietnam, race riots, and something I'm old enough to remember, the Rodney King verdict. All localized events, but imagine it across the country.
Here it comes people . . .
I'm not a fear monger, just a realist, aware and concerned enough to take to the keyboard and shout to the world . . .
WAKE UP . . . time is running out . . .