Word of the Day: “Civil Unrest” ; It’ Here and It’s Spreading
September 7th, 2011
It already happened in Greece. It’s happening in Italy and Spain, and the contagion of unrest is spreading rapidly. The German Supreme Court may have solidified a future for Europe plagued with violence and riots with their decision today to allow lawmakers to move forward with bailout packages for the EU. The Germans, who are by all measures the richest of the union and have the strongest economy (at a whopping 0.1% GDP growth), are now the backstop for the entire $16 Trillion European Union economy – and they’re not happy about it.
While protests outside of Germany will flame because of proposed austerity measures and a destruction in the quality of life of the people in places like Italy, Spain, the rest of the PIIGS and piglets, the Germans will be in the streets for another reason. They, like Americans circa 2008/2009, will be calling in droves for lawmakers to withdraw any support for bailouts, because they, like the American people, know it isn’t going to work and the only result with be further indebtedness and economic malaise. Like the US Congress, however, chances are that elected representatives in Germany will buckle to the will of the European parliament. You can be assured that a lot of angry Germans, historically a very nationalistic culture, will hit the streets – and hard.
Whatever the case with Germand, however, just as has been in the case for the last three years, there is nothing lawmakers in Europe or back here at home can do to stop the sovereign debt collapse of the largest economies on the planet.
We’re going down and over a billion people in Europe and North America are about to get a huge wake up call. Charlie McGrath provides his perspective, and one we happen to agree with: