[Buckeye McFrog]

I think he is right on that point, at least in Europe. Greece will never follow through with the austerity measures, as they will tire of rioting in the streets and challenges to the government. I suspect the French will vote in DSK or whatever Socialist candidate promises to allow them to go back to retiring at age 60 again. And even the Brits will likely crack under the pressure if these “uncut” protests continue to grow.

Whether we have degenerated to the same point I think is something we are about to find out.

[rbg81]

Greece will never follow through with the austerity measures, as they will tire of rioting in the streets and challenges to the government.

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Well, the rub is that you can only defy reality for so long. We’ve been doing it for decades, so most people can’t imagine any other way of doing business. IMHO, this is a major obstacle to any solution. But, eventually, the unsustainable Ponzi scheme cannot be continued. The problem is that Pols will put off the day of reckoning so long that the inevitable “pain” will be catastrophic to society.