We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Just like Jefferson County, Alabama, you cannot borrow forever, and when you begin borrowing (as we have begun to in the US) to make your interest payments, it's a bad sign, not sustainable unless God intervenes.
In my view, all Euroland can do now is to pray that somebody strikes oil in Provence or Tuscany - and I don't mean olive oil. Problem is, they don't pray over there anymore. I think they are screwed, and it will affect all of us. A slo-mo death spiral.
The Euroland project is in hospice care, it seems to me, on oxygen and IV morphine. There is not enough money available in the world to cover their crappy debt from their crappy, lazy, hyper-regulated welfare states, and they will never be able to pay it back. Never. Furthermore, as my Wall St. friend tells me, defaults will trigger more CDSs than anybody in the world can cover. It's a shit show, as they say.
I would advise getting popcorn to watch the earthquake unfold, but it can hit us in the US with a financial tsunami here, across the pond.
Maggie: "The problem with socialism is that you eventually run out of other peoples' money." She never mentioned that you can run out of credit, too.
Jefferson county is like cities around the country , here's a little history. ......40 years of an yet unresolved county personel lawsuit , 5 years sewer unresolved, 5 years debt unresolved, 22 people in prison for fraud...The county tax income in 2010 was 282 million but spent 3 billion for a sewer plant? The job could have been done for somewhere between $1.2 billion and $1.5 billion but shouldn't have cost 3.2 billion. And we are told it will cost billions more to fix it. Unaudited books, the county was three years behind with its auditing,. They have the highest sales taxes and the highest water bills in the state but no money to pay for law enforcement? The area has the best and latest health care facilities in the country but the county owns a nursing home and a hospital? I saw this will a freind and his son : You cannot bail someone out who has spent themselves bankrupt or they will just do it all over again .