Posted on 11/05/2014 3:14:35 PM PST by blam
By Michael Snyder
November 5th, 2014
How do you fix a superpower with exploding levels of debt, that has a rapidly aging population, that consumes far more wealth than it produces, and that has scores of zombie banks that could collapse at any moment. You might think that I am talking about the United States, but I am actually talking about Europe. You see, the truth is that the European Union has a larger population than the United States does, it has a larger economy than the United States does, and it has a much larger banking system than the United States does. Most of the time I write about the horrible economic problems that the U.S. is facing, but without a doubt economic conditions in Europe are even worse at the moment. In fact, there are many (including the Washington Post) that are calling what is happening in Europe a full-blown "depression". Sadly, this is probably only just the beginning. In the months to come things in Europe are likely to get much worse.
First of all, let's take a look at unemployment. If the U.S. was using honest numbers, the official unemployment rate would probably be somewhere close to 10 percent. But in many nations in Europe, the official unemployment rate is already above the ten percent mark...
France: 10.2%
Poland: 11.5%
Italy: 12.6%
Portugal: 13.1%
Spain: 23.6%
Greece: 26.4%
The official unemployment rate for the eurozone as a whole is currently 11.5 percent. The lack of good jobs is causing the middle class to shrink all over Europe, and more people than ever are becoming dependent on government assistance. European nations are well known for their generous welfare programs, but all of this spending is causing debt to GDP ratios to absolutely explode...
(snip)
(Excerpt) Read more at theeconomiccollapseblog.com ...
Not to worry. Sharia will solve their problems.
Like us, eventually they’ll wake up and start to throw out the socialists.
Vacation to Europe!
Bush’s fault!
Multibillionaire investor George Soros has issued a warning to Europe's democracies over the threat that a resurgent Russia poses to the continent.
Europeans believe in democracy, and they believe that, if the majority have jobs, that their doing fine.
As much as I dislike Putin , it would be schadenfreude to see Soros being dealt with by Putin’s henchmen.
Popcorn and video camera waiting.
Yup.
I was also thinking that it may be Putin who saves them from Islam too.
Soreass will benefit from it no doubt.
When did the EU become a superpower? They lack the necessary ability to project military power all over the globe. There’s only one superpower now and our ability is rapidly diminishing...
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No, actually, I would not.
Just think of it as leaving room for all those socialists to get off their butts and help out now that a lot of help will be needed. We can expect all our socialist/welfare recipients to do the same. /drippy-drippy-sarcasm
A PRODUCT OF SOCIALISM
Plausibly, although lower taxes and deregulation would spur growth, such policies are contrary to the fundamental point of the EU and its massive, expensive, and meddlesome bureaucracy. Only exit from the EU offers the nations of Europe the political flexibility needed for reform. Once one country exits, others will soon follow.
Very interesting! Most of us aren’t exposed to that news. Now we can better see what’s coming very soon (nowhere nearly as ugly as what may come later).
They need to hang on until next June...I’m goin in May.
The dollar is inching up towards parity with the euro...
Sorry Michael Snyder, but Europe is no super-power.
Good grief...
Well, like, can't they just, like, tax some rich guy some more to pay for it? I mean, duh?!
Bonds
Insure Bonds
Bailout
World Bank
U.S. Banks
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