Yeah Steyn here gets right down to the nitty gritty. Easy to understand unless you have an inner need to be brainwashed by leftist illusions
A huge structure of debt based retirements are built by borrowing from generations not even born yet. Can you you pull off this type of borrowing? It’s been going OK for years but now big cracks are showing because the lenders are having doubts that the borrowers are good for the money. All this is deflationary as debt, obligations, pensions promises evaporate meaning (illusory) money and wealth evaporates. So you wake up poorer the next day when you find out your pension will now be $2000/month instead of $4000/month. Because the money/wealth backing it up was not as great as everyone was lead to belive
Think of the poor EU-muslims! What’s going to happen when their welfare checks stop coming? Oh sure, they can take over the place but who’s going to run it for them?