Justice Dakota
05/10/2012
Greece: Around May 2012
In early February 2012, the Prime Minister of Greece, Lucas Papademos, admitted that Greece was "a breath away from ground zero." The nation has a public debt-to-GDP ratio around 170-percent (meaning if Greece' total economic value is 1 billion, they owe creditors 1.7 billion). Greece is bankrupt.
Around the same time, Nikitas Simos, who is presumed to be a typical, Greek, small-business owner in Koufonissia, Greece, stated: "For the past 20 years Greece experienced a false euphoria, a false prosperity." Recent economic reports indicate that about six out of 10 Greeks under the age of 30 are now out of work.
Greece is out of money and can not make payments on its loans. Over many decades, the politicians in Greece have managed to bankrupt the country. The politicians, one could argue, were rational actors as their constituents wanted free stuff -- a "false prosperity."
Politicians like to be elected, and re-elected to office, so -- no brainer -- borrow money and give the masses free stuff.
Greece may be booted out of (or quit) the Euro-Zone because not only can it not pay its current bills, it is increasingly difficult for the country to borrow more money (and is negotiating to have its debts restructured and reduced -- as in bankruptcy). In order for Greece to pay the interest on its national debt, it has to implement austerity measures (meaning less free stuff for Greeks). As of May 2012, banks and international financial institutions are making plans for Greece to exit the Euro-Zone and return to the drachma currency.
People like free stuff. Greece is in trouble!
In early May 2012, Greek Neo-Nazi Nikolaos Michaloliakos celebrated the success of the neo-Nazi Chrysi Avgi (Golden Dawn) party during recent elections. The Fascist party won about 7-percent of votes and will have parliamentary representation for the first time -- ever!
"Greece is only the beginning," Nazi Michaloliakos shouted. "You know exactly what I mean. Out of my country, out of my home! How will we do it? Use your imagination. This victory is dedicated to all the brave youngsters who wear black T-shirts with Golden Dawn written in white."President Obama: Around April 2012
In April 2012, United States President Barack Obama's administration seemed overly concerned with "free" birth-control for women and giving college students who have student-loan debts a little free money in the form of reduced interest payments on their loans.
As of March 2012, the United States had a public debt-to-GDP ratio of around 100-percent (meaning if America's total economic value is 16 trillion, we owe creditors 16 trillion).
Wow! We are doing better than Greece!. To date, thank God, there is no serious Neo-Nazi movement on America's horizon.
France: Around May 2012
Francois Hollande defeated French President Nicolas Sarkozy in a presidential runoff. The success of the Socialist party is seen as an anti-austerity vote. The French would like to keep their generous social well-fare nation afloat even if they can't pay for the social programs. The election of a Socialist President indicates France will continue borrowing money in an attempt to perpetuate a "false euphoria, a false prosperity." Hollande will be the nation's first "Left-Wing Dude-in-Charge" since 1995. Hollande stated: "Austerity can no longer be something that is inevitable."
France has a public debt-to-GDP ratio around 90-percent (meaning if France' total economic value is 1 dollar, they owe creditors 90 cents).
"It's a great night, full of joy for so many young people all across the country," said Thierry Marchal-Beck, French President of the Movement of Young Socialists.
Spain: Around May 2012
Spain is also sinking under the weight of its debts and nearly insolvent financial sectors. Spain's debt-to-GDP ratio is currently around 80-percent, and the Spanish government is struggling to pay its bills. Spain’s prime minister, Mariano Rajoy, is expected to request external assistance in an effort to avoid bank insolvency as the Spanish financial sector continues to disappoint.
Spain, like Greece, will most likely say "adios" to the Euro-Zone in the near future. Could Spain return to the peseta as its currency? I remember the peseta -- that was the currency in play during the fascist and/or authoritarian rule of dictator Francisco Franco and his National Defense (the military) Committee. Does anyone predict that authoritarian and fascist radicals will pick up seats in the Spanish Parliament in the near future? I do ...
Europe in general May 2012
On May 11, 2012, the executive arm of the EU, the European Commission, predicted the collective economies of the 17 countries that use the euro will shrink 0.3 over the next six months.
Olli Rehn, the EU’s Monetary Affairs Chief, stated the following at the EU's Spring Economic Conference: “We cannot pile debt over debt and it is essential that we are continuing fiscal consolidation and staying the course.”
An interesting article regarding recent events in Europe:
"Seven Days that Shook Europe"
http://www.ft.com/cms/s/0/f3dfdc66-9b56-11e1-b097-00144feabdc0.html#axzz1ubdMouPe
United States: On or about May 9, 2012
President Barack Obama stated that he is personally comfortable with legalized Gay marriage (not that there is anything wrong with that). But, he's not doing anything about the issue because he believes it is a "state" issue. So, maybe POTUS can focus a little more on the global debt crisis, the impending break-up of the Euro-Zone, European economic contraction, and our own stagnant economy.
Tick, Tock ...?
The U.S. has a public debt-to-GDP ratio of around 100-percent! Oh well, at least the President is talking about birth control, student loans, and Gay marriage.
Thankfully, I don't see any Nazis on the American horizon (maybe that only happens at the 170-percent debt-to-GDP ratio?)
http://www.usdebtclock.org/
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