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Guest Post: Europe In the Grip of Anti-Austerity Protests

Tyler Durden's picture




 

Via Pater Tenebrarum of Acting Man blog,

Strikes and Demonstrations Across the Periphery

As if we needed more proof that the course implemented by the eurocracy becomes increasingly untenable politically, millions decided to strike in several European countries this week. The demonstrations have, as they are wont to do these days, turned violent in a number places. The protests were most intense in Spain, where unemployment is at over 25% and desperation over the collapse of the bubble economy is growing by the day. 

The 'Big Picture' has brought a number of photographs of the worst clashes between protesters and police.

Der Spiegel writes:

"Millions of Europeans joined together in general strikes and demonstrations on Wednesday to protest the strict austerity measures undertaken by their countries. In Portugal and Spain, hard hit by the debt crisis, locals conducted a 24-hour general strike that largely paralyzed public infrastructure, suspending train service and grounding hundreds of flights, in addition to shutting down factories.

 

Most of the protests remained peaceful, but in Madrid there were some violent clashes between demonstrators and police. Officers at Cibeles Square in the city center fired rubber bullets and used batons against protesters, reporting 34 injuries and the arrest of more than 70 protesters.

 

Officials warned the situation could escalate further on Wednesday night, with major protests planned for Madrid and Barcelona. A similar demonstration had also been planned for Portugal's capital city, Lisbon.

 

The day of strikes had been called by organized labor across Europe as part of a "European Day of Action and Solidarity," and similar events were staged in Italy, Greece, Belgium, Austria and France. The protesters believe that the austerity measures being taken in those countries to combat the debt crisis are worsening the recession. "We're on strike to stop these suicidal policies," said Candido Mendez, the head of Spain's UGT union, the country's second-biggest labor federation."

(emphasis added)

This is what happens when after decades of socialism, the money to pay for the freebies finally runs out. To be sure, this is a bit too simplistic. We are inclined to sympathize with the demonstrators for the following reason:  instead of liquidating unsound credit and letting a few over-extended banks and their bondholders bite the dust, the eurocrats have decided to spread the joys of bankruptcy around and let their populations pay the bill. In most cases the poorest members of society have been hit the hardest.

Most of the people thronging the streets don't fully understand what has happened. They don't realize that the deadly combination of a cradle-to-grave welfare state with a centrally planned fractionally reserved banking system has produced a terminal boom and that there is simply no painless way out of the situation anymore. There never was. An enormous amount of wealth has been squandered and consumed during the boom.

There is no salvation in abandoning the euro and trying to inflate and spend oneself out of the hole that has been dug either: that would only invite an even greater economic catastrophe. However, Europe's political and monetary elites continue to misdiagnose the problem, in many cases refuse to level with their populations and are too halfhearted in implementing reform. 

What the protesters don't seem to get: the status quo ante cannot be recreated by decree. There is no magic wand for anyone to wave. The protesters have every right to be enraged, but they are raging against something that cannot be changed at the flick of a switch – the wealth is gone.  If governments were to start on a renewed deficit spending spree, they would merely invite a greater crisis, very likely without delay. Even more government cannot be the solution for a problem that too much government has created.

Radical pro free market economic reform is called for, but this is apparently neither recognized, nor does anyone have the guts to implement it. And so the European Chinese water torture version of 'austerity', which includes only a shrinking private sector, but not a shrinking government, continues without offering any light at the end of the tunnel to the people living in the periphery.

 

Demonstrators and police battling in Madrid.

(Photo via: The Web, unknown source)

 

Maybe it is time to rename the Molotov cocktail. Throwing petrol bombs at the police has become a specialty of protesters in Greece.

 

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Fri, 11/16/2012 - 15:47 | 2989176 slaughterer
slaughterer's picture

Time to protest austerity you peasants.  

Fri, 11/16/2012 - 15:48 | 2989177 redpill
redpill's picture

Looks like the EU forgot to come up with a "safe word" before they started their session with Mistress Merkel.

Fri, 11/16/2012 - 15:52 | 2989203 Freegolder
Freegolder's picture

Sorry protesters, no free money in the EZ, suck it up, you will have to innovate and work hard for a change.

Or move to the UK/US where QE-freebies still please the masses.

Fri, 11/16/2012 - 16:02 | 2989275 john39
john39's picture

take away the crushing government beauracracies that favor big corporations and destroy small business and things could start turning around.  Of course, central banks and fractional reserve lending must go as well.

Fri, 11/16/2012 - 16:26 | 2989415 Stackers
Stackers's picture

Just wait till they're junking Oakland Boilermakers in Cali.

Fri, 11/16/2012 - 16:44 | 2989524 economics9698
economics9698's picture

Stupid brainwashed fucks.  

Sat, 11/17/2012 - 03:47 | 2991131 Michaelwiseguy
Michaelwiseguy's picture

They're not protesting austerity. That's just the Zionist cabal story headline.

They're really protesting "Perpetual Government Debt Enslavement" and getting nothing for their tax dollars.

They're protesting because their governments are not repudiating the bankster debt, which will let the people get on more comfortably with their lives.

Fri, 11/16/2012 - 16:39 | 2989475 Strider52
Strider52's picture

Maybe it is time to rename the Molotov cocktail. Throwing petrol bombs at the police has become a specialty of protesters in Greece.

How about Grecian Formula? Gets rid of the grey, and every other color...

Sat, 11/17/2012 - 06:44 | 2991238 Ghordius
Ghordius's picture

I presume it was a hint about the ancient " Greek Fire" used to sink ships. Stickier, burns even under water.

First time a near balanced article on the situation, nevertheless continental steet protest behaviour seem still to fascinate and flabbergast UK/US commentators.

Rubber bullets and 70 arrests at Cybeles Square seem a lot, but they are usually not "news", here, they weren't in better times.

Just as a reminder: in Rome, a decade ago millions protested against two new laws.

All this is nothing compared to the seventies. Protesters and police are still wearing kid's gloves and trying hard not to cause any serious damage.

Fri, 11/16/2012 - 20:16 | 2990167 collon88
collon88's picture

Thank you John39 for getting to the heart of the matter.  There is a magic wand.  It's called issuing debt free money, spent into existence, not loaned into existence so a few can reap where they have not sown.  Compound interest...so subtle...so reasonable...so seductive...so enslaving.      

Sat, 11/17/2012 - 01:37 | 2990975 John Wilmot
John Wilmot's picture

Uh, ever hear of inflation?

Fri, 11/16/2012 - 17:58 | 2989804 Tinky
Tinky's picture

Excellent! (You're obviously whip smart.)

Fri, 11/16/2012 - 18:02 | 2989816 Ginsengbull
Ginsengbull's picture

Maybe not, if Mistress Merkel is wearing ear plugs, because she doesn't like to hear the screams of agony, and pleasure.

Fri, 11/16/2012 - 15:57 | 2989234 takeaction
takeaction's picture

I love posting these ZH article links on my Facebook page.  (2500 friends for business) and nobody comments.  But if somebody posts a picture of last nights dinner, a drunken night out, or a kitten.....comments forever.  It is fun.  Once in awhile these articles will attract a comment...like "Never happen here" or "Your just a fear monger".  So fun.  Thanks ZH for giving me the info to torture the sheep.

Fri, 11/16/2012 - 16:04 | 2989287 takeaction
takeaction's picture

Thank you sir...Posting now.  Every time I post these you can see a few of the "Friends" vanish.  Awesome.

Fri, 11/16/2012 - 16:25 | 2989408 Jonas Parker
Jonas Parker's picture

If you're unemployed and don't go to work, are you still considered to be "on strike"?

Fri, 11/16/2012 - 16:56 | 2989573 CPL
CPL's picture

I understand the term now is called NEET.

 

Not in Employment, Education or Training.

Fri, 11/16/2012 - 16:03 | 2989282 TeamDepends
TeamDepends's picture

Have you seen The Walking Dead?  It's this incredible new reality show....

Fri, 11/16/2012 - 17:29 | 2989695 Zap Powerz
Zap Powerz's picture

We live in a nation full of zombies.  You know how to kill a zombie right?  Take away its EBT card.  Simple as that.  You see, these arent the typical zombies that feed on brains.  These zombies have absolutely NO INTEREST in brains.  Just freebies.

Fri, 11/16/2012 - 18:02 | 2989817 debtor of last ...
debtor of last resort's picture

Try this one: garage sale Silver eagle $ 435,00

Sat, 11/17/2012 - 01:38 | 2990976 John Wilmot
John Wilmot's picture

I think you might have overpaid a tad.

Fri, 11/16/2012 - 22:47 | 2990604 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

+10000 comment of the year.

 

LOLOLOL same here!  

 

WHAT I NEED URGENTLY IS A SET OF WILLIAMBANZAI7'S POWER FOR MY FACEBOOK BACKGROUND.  THAT JUST MIGHT SAVE THE WORLD.

Fri, 11/16/2012 - 16:21 | 2989378 mayavision2012
mayavision2012's picture

And this leaked van Rompuy doc has just sent the UK/Nigel Farage ballistic - rightfully so -

A leaked document from European Council President Hermann van Rompuy has revealed plans afoot in Brussels to strip the UK taxpayer of £800 million a year over a period of seven years, in total £5.6 billion pounds extra, on top of the £53 million a day we are already paying.

Nigel Farage MEP, the UKIP leader said: "They just don't stop. The failures of the EU are so serious and so costly that is just doesn't matter to them. No matter how often they are told that they are getting no more money from hard-pressed British taxpayers they come back with yet another way to pick it from our pockets.

"Yet again it falls upon the head of the Prime Minister to tell this shadowy, unelected Eurocrat just where to get off. It just will not wash with the British public. It is becoming clearer and clearer that
it is not just people in this country that want to see us part ways with the European Union, but by making a series of impossible unreasonable demands the Eurocracy no longer cares what we think.

"Mr Cameron might want us to stay in the EU at all costs as he keeps reminding us. Ed Miliband might demand that we remain shackled to its terminal remains, and Nick Clegg might still have euro-delusions, but at this rate even they will have to accept that our membership of the European Union, and its constant, groundhog day demands for extra British money must end. Enough is enough, we must have that referendum, and we must have it soon.

"They are calling this latest demand Herman's 'negotiating box'. He better not expect it to be gift wrapped."

http://ukip.org/content/latest-news/2862-hands-off-our-cash-herman

Fri, 11/16/2012 - 15:48 | 2989178 Timmay
Timmay's picture

Seems the world is fraying at the ends very quickly now....

Fri, 11/16/2012 - 19:44 | 2990051 knukles
knukles's picture

 

 

 

 

    Turning and turning in the widening gyre
    The falcon cannot hear the falconer;
    Things fall apart; the centre cannot hold;
    Mere anarchy is loosed upon the world,
    The blood-dimmed tide is loosed, and everywhere
    The ceremony of innocence is drowned;
                     -Yeats, The Second Coming

Sorry, but fraying is passe...
There is no center left to hold...

No center...

As in the Null Set

Fri, 11/16/2012 - 15:48 | 2989181 buzzsaw99
buzzsaw99's picture

you can bet that zh will side with the money maggots every time. viva la revolucion.

Fri, 11/16/2012 - 15:52 | 2989198 Likstane
Likstane's picture

ZH siding with the money maggots?  You must be exceptionally perceptive or I must be an idiot; maybe a little of both.

Fri, 11/16/2012 - 15:57 | 2989237 Freegolder
Freegolder's picture

ZH was pimping GBI this week, just check out their senior guys.

Plus, ZH criticizes austerity, then QE, it wants it both ways.

Are you a ZHeeple?

Fri, 11/16/2012 - 16:03 | 2989278 Likstane
Likstane's picture

I'm just a gold hoarding retard with a disdain for regular news.  It doesn't seem obvious to me that ZH necessarily supports or renounces anything; maybe that's why I like it so much. 

Fri, 11/16/2012 - 16:08 | 2989306 MillionDollarBogus_
MillionDollarBogus_'s picture

Nope...

Just your basic troll who won't go away...

Fri, 11/16/2012 - 16:28 | 2989431 Panafrican Funk...
Panafrican Funktron Robot's picture

"ZH criticizes austerity, then QE"

Because neither will work.  Because the reality is bankruptcy.  

Fri, 11/16/2012 - 17:31 | 2989708 Zap Powerz
Zap Powerz's picture

I suggest you pay better attention if that is your conclusion.

Fri, 11/16/2012 - 17:32 | 2989710 calgal
calgal's picture

im a zheeple

your a zheeple

he's a zheeple

she's a zheeple

wouldn't you like to be a zheeple too!

love it!

Fri, 11/16/2012 - 18:06 | 2989830 debtor of last ...
debtor of last resort's picture

Zh promotes austerity. For bankers. You don't get it do you?

Sat, 11/17/2012 - 01:42 | 2990983 John Wilmot
John Wilmot's picture

QE: printing money

Austerity: slightly reducing the rate of increase of spending while jacking up taxes and printing more money

...dunno, I see nothing contradictory in opposing both.

Fri, 11/16/2012 - 16:03 | 2989277 CPL
CPL's picture

Translation:  I am overleveraged and lack the imagination to make money in no way other than waiting for money to come to my door.  Someday Ed McManon will show up and my life will be fixed.

 

 

Fri, 11/16/2012 - 16:15 | 2989346 fuu
fuu's picture

Which ones are the maggots? The ones eating out of the dumpsters or the ones in three piece suits?

Fri, 11/16/2012 - 16:29 | 2989439 Jonas Parker
Jonas Parker's picture

The ones in 3-piece suits are "maggots", the others are "muppets".

Sat, 11/17/2012 - 01:55 | 2991006 PositiveFeedback
PositiveFeedback's picture

Quite on the contrary, like people point out below: ZH criticizes both QE as well as austerity. They continually point out that the only way out is big-time monetary reform and the end of central planning by entities that are now completely in bed with powerful financial elites, and that this will never happen under the status quo because of vested interests etc.

As such ZH has been indirectly promoting your 'revolucion' all along. They just do not openly admit it, which is good because as soon as a they would, they would draw attention to them a bit too fast. I would say ZH is playing its role quite well by pointing out the flaws in the system, and leaving it to the readers to draw the conclusions and figure out a solution themselves.

Fri, 11/16/2012 - 15:49 | 2989186 mayhem_korner
mayhem_korner's picture

 

 

I thought spending uncontrollably was the classic anti-austerity protest...

Fri, 11/16/2012 - 15:49 | 2989188 dbTX
dbTX's picture

Spain dosen't have printing presses ?

Fri, 11/16/2012 - 15:56 | 2989230 tickhound
tickhound's picture

It was surrendered to Germany without a shot being fired during the Great Unification.

Fri, 11/16/2012 - 15:50 | 2989191 kito
kito's picture

settle down...stop being so emotionally involved....its all part of dalios "beautiful deleveraging"....totally cyclical......no big deal..........a little social unrest....a little austerity....a little printing......stay aloof............prepare for the next bull market.......be a winner!!!!!!

Fri, 11/16/2012 - 16:01 | 2989269 kito
kito's picture

.................please remember that 'sarc' addendums are now prohibited on zh...............

Fri, 11/16/2012 - 17:30 | 2989704 WhiteNight123129
WhiteNight123129's picture

LOL comments are not. You are Spot on, spot on.... Best case scenario is major debasement of currencies and plunging standard of living. That is the best case scenario, the beautiful deleveraging is ugly, the other two are just unpalatable, but agreed that does not make the other alternative beautiful. I guess Dalio is using his trackrecord to calm down the sheeple. Because if Dalio said we are fucked or Buffet said buy Gold, that would increase the chances of a crack-up boom, since a crack-up boom is a psychological phenomenon of distruss of the currency which becomes self fullfilling.

Though Dalio admitted in the cfr interview that ~if we have an air pocket we are dead~ and also admitted that ~if people buy inflation assets we have a problem~.

 

 

 

Sat, 11/17/2012 - 01:46 | 2990994 John Wilmot
John Wilmot's picture

if people buy inflation assets we have a problem

Emperor Nudius: "Everything's fine, it's fine, as long as people don't respond to our policies in accordance with their rational self-interest, and in the way people have always responded to such policies in the past...everything's fine."

Fri, 11/16/2012 - 15:50 | 2989193 slaughterer
slaughterer's picture

Merkel has been austeritizing the Krauts for years now.  From the VAT hike to the slow-down in public servant pay hikes, Merkel is one tough mistress.  And the Krauts just take it all without even a whimper.  Masochists.  

Fri, 11/16/2012 - 15:56 | 2989222 GernB
GernB's picture

Yea, it's not like it's made them the most stable economy in the region or anything.

Fri, 11/16/2012 - 17:44 | 2989755 falak pema
falak pema's picture

blue angel...can u hear Mutti sing..."Ein Mädchen oder Weibchen wünscht Papageno ...

Fri, 11/16/2012 - 16:32 | 2989197 AG BCN
AG BCN's picture

This is the Barcelona police from Wednesday night, no numbers to identify them, randomly firing rubber bullets. 

Spain is going to shit.

http://www.youtube.com/watch?v=2fMDZTyM3Rg

 

Fri, 11/16/2012 - 19:37 | 2990027 Gordon Freeman
Gordon Freeman's picture

Jeez, the average American six-year old can handle a gun better than that...

Fri, 11/16/2012 - 15:52 | 2989199 foodstampbarry
foodstampbarry's picture

Dec 21st 2012... I think the maya were onto something. I mean holy shit!

Fri, 11/16/2012 - 16:12 | 2989333 Rogue Trooper
Rogue Trooper's picture

Where is SHADOW when we need them.....

http://www.youtube.com/watch?v=0XAIXP937Ac

Fri, 11/16/2012 - 15:58 | 2989249 Motorhead
Motorhead's picture

That's a Friday...sure hope we get the day off.

Fri, 11/16/2012 - 16:36 | 2989470 Parrotile
Parrotile's picture

Last Friday before Christmas too! I'll certainly be working a late shift, and the "Executive" will be keen to empty as many beds as possible in readiness for the End of the World / Christmas mad rush!

An ideal opportunity to wear the "end of the World" T-Shirt from Cafe Press methinks (!!)

Fri, 11/16/2012 - 16:29 | 2989440 helping_friendl...
helping_friendly_book's picture

I am flying from San francisco to Bejing on 12.21.2012.

If the earths mantle shifts I can watch it from the air on my Air China flight. At least they have hot stewardesses and they feed you every cou[ple of hours too.

If only I was flying first class I could actually tolerate the end of days!

Not! I'm stuck in coach!

Fri, 11/16/2012 - 17:02 | 2989600 CrashisOptimistic
CrashisOptimistic's picture

Coach transpacific  is torture.

 

Fri, 11/16/2012 - 17:41 | 2989743 falak pema
falak pema's picture

Chinese torture can be zen. 

if u pay the right tip you can have the stewardess in your coach seat, its not a couch so its a bit more ouch, but who cares they are cute and easy, light as feathers,  when the lights go out on a long flight. Don't forget to say Mayan goodbye when you fly over Buzarach.

Fri, 11/16/2012 - 17:52 | 2989754 helping_friendl...
helping_friendly_book's picture

13 hours!!

I couldn't do it without Xanax.

American carriers suck.

Air China is the nicest I've flown. At least they feed you decent food.

We pay the extra money to get the absolute shortest flight we can find.

We come from the East coast so Chicago is usually the shortest route.

Beats the hell out of being stuck in the US for the holidays when absolutely everything is closed except for Denny's.

We always leave the U.S. for the holiday. We went to Puerto Rico a few times during the holiday and that rocked. Nothing better than sitting under a coconut tree on Christmas day drinking beer and eating lechon!

Fri, 11/16/2012 - 19:34 | 2990012 GMadScientist
GMadScientist's picture

"Coach transpacific  is torture."

True dat, for anyone over 5'3" anyway...I think I'd rather roofie myself and con a cabbie into stuffing me into my checked bags.

Fri, 11/16/2012 - 15:53 | 2989208 SillySalesmanQu...
SillySalesmanQuestion's picture

Just rehypothecate baby!

Fri, 11/16/2012 - 15:54 | 2989213 HD
HD's picture

"What the protesters don't seem to get: the status quo ante cannot be recreated by decree. There is no magic wand for anyone to wave."

Printz moar stronger?

Fri, 11/16/2012 - 16:09 | 2989316 Totentänzerlied
Totentänzerlied's picture

Well no shit they don't get it - magic-wand-waving by sharp-talking empty suits is all the peasantry has ever known. That there is something called a "market" and that it operates according to, and is constrained by, laws - against which bureaucrats are totally impotent - the peasantry cannot fathom.

Dear Europe and all other political entities with central banks: Other People's Money has run out again.

Fri, 11/16/2012 - 16:18 | 2989365 sharonsj
sharonsj's picture

What you don't get is that a bunch of the "other people's money" is our money, thanks to the Fed.

Sat, 11/17/2012 - 01:49 | 2990999 John Wilmot
John Wilmot's picture

"What the protesters don't seem to get: the status quo ante cannot be recreated by decree. There is no magic wand for anyone to wave."

The great tragedy of modern politics, and the root cause of all socialism. "I have no bread, make a law saying I have bread!"

...rebellion against nature.

Fri, 11/16/2012 - 15:54 | 2989214 SheepDog-One
SheepDog-One's picture

'Concern over the collapse of the bubble economy'....gee, sure glad we dont have any situation like that here in the U.S., where the sheeple just believe theres always another fix right around the next corner.

Fri, 11/16/2012 - 15:55 | 2989218 Marco
Marco's picture

What's the government budget to GDP ratio in Sweden again? Or even that grand and free Switzerland? Socialism is not the problem, bad governance is ... bad governance creates unsustainable wellfare systems, no matter the size of them. Good governance creates sustainable wellfare systems.

Fri, 11/16/2012 - 16:05 | 2989290 GernB
GernB's picture

Switzerland ranks #5 in the list of countires with the most economic freedom according ro heritage.org (who bases it on a set of criteria designed to represent how a country supports individual economic freedom.) That makes Switzerland more economically free than the US. Spain ranks #36. Call it what you want, the problem is lack of economic freedom, and socialism is a model based on curtailing economic freedom.

Fri, 11/16/2012 - 16:22 | 2989387 Marco
Marco's picture

So remind me again, what is the Swiss government budget to GDP ratio?

Also explain to me how mandatory health insurance with government determined minimum coverage is not socialist. Explain to me how mandatory state  pension contributions are not socialist. How mandatory contributions to an unemployment insurance scheme is not socialist. How federal and local government ownership of most of the railroads is not statist, etc etc etc.

Switzerland has a responsible level of freedom, wellfare and state intervention ... and it falls a fuckton short of the laissez faire crowd wet dream. So as I said, socialism is not the problem ... poor governance is.

Sat, 11/17/2012 - 02:07 | 2991023 PositiveFeedback
PositiveFeedback's picture

KUDOS to you good sir.

Seems like some ZHers believe it fundamentally impossible to create a limited form of wealth redistribution to provide all citizens with at least some basic needs like access to healthcare and education.

It is correct that too much freebies create unsustainable systems, but that is more a flaw of our current democratic systems where parties need to promise these freebies in order to stay in power. To believe that creating sustainable system with access universal access to basic necessities is impossible is just short-sighted.

 

Fri, 11/16/2012 - 15:55 | 2989220 mayhem_korner
mayhem_korner's picture

 

 

Now I may be a few scotches over my limit, but that second picture looks like a blend of Joe Satriani's Surfing with the Alien and the Hindenberg...

I think this comment gets 1 ROTFL and 200 WTFs   Bueller?  Bueller?  Anybody?  Anybody?

Fri, 11/16/2012 - 15:59 | 2989248 youngman
youngman's picture

It will get worse....they just do not have a job now...but mom or dad does...and they are living off of that...soon mom or dad will not have a job...and they will not have any food...then it will get angry...hell..they are fighting over Twinkies here today....tomorrow they will be fighting over dog meat

Fri, 11/16/2012 - 16:02 | 2989272 mayhem_korner
mayhem_korner's picture

 

 

Long live the Twinkie!  I would have them in my stockpile, but they just don't have quite enough preservatives in them...Maybe I'll pick up a couple boxes for posterity's sake.

Fri, 11/16/2012 - 16:01 | 2989265 WTFx10
WTFx10's picture

let the greatest theft in the history of man come to its conclusion.

Fri, 11/16/2012 - 16:04 | 2989288 davidsmith
davidsmith's picture

The problem is this: if they protest, that takes energy.  If they expend energy, they get hungry.  If they get hungry, they need food.  If they need food, they need to buy it.  If they need to buy it, they need money.  They don't have money.  They shouldn't protest.

 

Shouldn't all Europeans die soon?

Fri, 11/16/2012 - 16:49 | 2989542 ElvisDog
ElvisDog's picture

A lion will only chase a prey animal if the lion can sneak up to within a certain distance of it. Beyond that distance, it takes too much energy for the expected food the lion will catch. The Euro protestors should adopt the same approach - only throw their molotov cocktails if the IMF police get within a certain distance of them.

Fri, 11/16/2012 - 16:05 | 2989293 sitenine
sitenine's picture

"This is what happens when after decades of socialism, the money to pay for the freebies finally runs out."

Actually, the 'money' was never there.  Maybe it's time to retool the old paradigm?  Debt, in fact, is NOT 'money'.  Sure, you can spend debt, but there is a cost.  Pay the piper, bitchez!

Fri, 11/16/2012 - 16:53 | 2989555 BlackholeDivestment
BlackholeDivestment's picture

Looks like the offer of temptation never stops burning babies in the black hole huh? It begs to question how anyone could take up arms for any country sealed and marked by the contempt of debt as if upon moral ground. LMAO. Oh, now I get the borderless global market reality, ...in Hell on Earth.

Fri, 11/16/2012 - 16:07 | 2989295 spooz
spooz's picture

This is what happens when nations are forced to bail out their banks, who have led them to destruction.

Yanis Varoufakis, Professor of Economic Theory, University of Athens, gives a different point of view, along with Marshall Auerback

http://www.youtube.com/watch?v=HpIsZL5FJVs&playnext=1&list=PL24FA2AE041B...

Fri, 11/16/2012 - 16:25 | 2989407 Totentänzerlied
Totentänzerlied's picture

Funny perspective. Actually this is what happens when hapless peasants realize all the so-called free shit they begged the government to give them is not there and that there's no one left to steal it from.

How many protesters want to repudiate their national debts, dissolve their central banks, and live within their means? Zero.

They are only "forced" to bail out their banks because they demanded and permitted their governments to spend more than they took in, so long as the peasants got a cut of the loot, they were perfectly willing to look the other way as the government and banks siphoned off the rest. Oops, you know what they say: no honor amongst thieves. If they were serious, they'd burn the central banks and large investment banks to the ground, put their leaders in chains, take over their national parliaments, and default unconditionally on all public debt.

This has not happened and is not going to happen anytime soon. Because they're so thoroughly brainwashed that they think protesting their own governments - peacefully, no less - is going to accomplish jack and/or shit. They are a danger only to themselves and their fellow peasants.

If they still believe for a moment that their governments will or can solve their problems, they have learned nothing and will change nothing.

Sat, 11/17/2012 - 01:52 | 2991003 John Wilmot
John Wilmot's picture

So very well said. Wear your downvotes with pride Sir.

Sat, 11/17/2012 - 14:12 | 2991894 spooz
spooz's picture

Citation for your "zero" figure?  Or do you have first hand knowledge? 

As for the greedy Greeks, here is how some are dealing with the austerity forced on them, written by someone who is actually there, instead of someone who heard some soundbite on Fox:

"The man had been missing since August. His last sighting was at the Social Security Offices (IKA) in a small town called Siatista, where he was told that his small monthly disability allowance of 280 euros was suspended, as a result of the latest austerity measures. Eyewitnesses said, according to Athens daily 'Ta Nea', that they saw him leave upset and speechless. Soon after he placed a call to his family telling them that “he feels useless” and adding that he “has nothing to offer them anymore”. Naturally, they were alarmed, and soon after called the police. It was only the other day that the Police located his hanging body in a remote wooded area, suspended by the neck from the cliff which was to be his last resort."

So, I guess austerity means cutting off all means of support to those least capable of taking care of themselves.  Is that what I can look forward to seeing in the US?

http://yanisvaroufakis.eu/2012/11/12/hanging-in-quite-desperation-is-bec...

Fri, 11/16/2012 - 16:16 | 2989356 Diogenes
Diogenes's picture

The PTB have had 2 or 3 years to condition the public thru the media. They should be ready to accept austerity as inevitable. What happened?

Fri, 11/16/2012 - 16:19 | 2989358 Jack Burton
Jack Burton's picture

Protesting austerity is fine enough. But if the protests could make clear where the money will come from to continue the free spending on pay, benefits and scocial programs, it would be nice.

To simply ask for money and benefits by marching in the streets is a waste of time. The economies are collapsing, money and wealth come from economic growth, not from street protests. Now, the protestors need to make clear where the wealth comes from to spend more on their comforts.

Europe is going to grow ever so much worse this winter. They are back in recession, and no signs of how their economies begin to grow and produce wealth are evident.

America can not sit back and be smug either. We are living off of trillions in money printing and bond buying via QE. America is as bankrupt as Europe, we simply have a better currency to print at the moment. Nations like CHina and others are working to drop the dollar as the worlds all important currency in trade. When the dollar is no longer sought after world wide as the reserve currency, then America is Fucked!

Fri, 11/16/2012 - 16:24 | 2989401 helping_friendl...
helping_friendly_book's picture

Might I suggest for those who think, as you put it, " then America is Fucked!", a reminbi denominated savings account with the bank of China on Madison Ave?

http://www.bocusa.com/portal/Info?id=812&lang=1&

It is even FDIC insured for deposits up to $250,000.

That's where I put, much of, my savings!!!

Getting ready for rmb:usd parity bicthz! 

Fri, 11/16/2012 - 16:30 | 2989448 sitenine
sitenine's picture

FDIC insured to $250, 000?  Have you checked your calendar lately?

Fri, 11/16/2012 - 16:35 | 2989466 helping_friendl...
helping_friendly_book's picture

11.16.2012....So what?

6.     Is my RMB deposit Federal Deposit Insurance Corporation (FDIC) insured?

Yes. Like other currencies, RMB accounts at the Bank insured by the FDIC insurance up to $250,000.

Why do you ask?

Fri, 11/16/2012 - 16:50 | 2989548 sitenine
sitenine's picture

Because it is very late in the game.  I trust that FDIC will save my ass about as much as I trust that any fiat will be worth either jack or shit in the long run, be it dollar, yuan, peso, or martian issued funny money.  The assets that back (or more realistically that can be bought with your fiat at some later date) are, and always will be, limited.  So, are you securing assets (and I mean hold the shit in your hand secure), or are you still jerking off?

Fri, 11/16/2012 - 17:16 | 2989658 helping_friendl...
helping_friendly_book's picture

I keep a cash reserve on hand for my basic survival needs when the ATM and debit machines stop working.

I thought about the PM angle but, had a friend of mine brutally murdered for his gold coins so I decided I am not going that route.

Everyone discounts the Chinese economy but, they have been a people for about 4,000 years and they are the largest economy in the world.

My main concern, at this point, is inflation and the loss of the USD reserve currency status we continuously wage wars of aggression to protect. That is where my rmb account plays in. I figure the Chinese will eventually sell our bonds short, take the trillion dollar hit in their reserve currency sovereign wealth fund and keep rolling. China, unlike the USA, does not have unsustainable debt like the USA and EU. They actually have a very large surplus and have bought much gold and they horde raw materials. When the Chinese short sell us the rmb:usd ratio will go from 6:1 to 1:20 and I'll be sitting pretty.

I go to China every year to visit the in-laws and exchange currency as well. We have the bases covered. If the USA goes to hell we will go to China. I can get permanent residency there. If China blows up we stay here.

I keep what I can in cash, save the rest in accounts and hope I have enough cash to get me through the troubles.

If the society breaks down the guys with the gold bars will be first on the list if you know what I mean. Once you try and spend it they will know you have it and game over.

 

 

 

Fri, 11/16/2012 - 18:19 | 2989868 sitenine
sitenine's picture

Family in China, and a shot at citizenship?  Nice.  That puts you in a very special place which us other schmucks can only envy.  It seems your strategy is sound for you as far as options.  Well done.

Fri, 11/16/2012 - 20:41 | 2990261 helping_friendl...
helping_friendly_book's picture

I would never renounce my US citizenship nor would I let my wife renounce her Chinese citizenship. We can play both angles and I can do business in China as long as I make my wife 51% shareholder. She got her permanant residency before we married. China has issues but, it is an ancient culture and maintains certain standards that transcend time. Something Americans don't understand.

People in the states can't comprehend the growth in China and make stupid false assumptions based on comments by idiots of the msm.

In the USA you can say whatever you want as long as you do nothing.

In China you can do anything you want as long as you don't talk about it.

Both countries have limits to these rules as you are aware of.

I have bought to many things in my life, wasted money, am stuck with possesions which are difficult to dispose of to make me whole. I am trying to change that aspect of my journey so I can become extremely flexible, lowkey, mobile and have minimum expenses to save for what I will do next. What that is I do not know. It will take time to unburden myself of real estate and such so I am not tied to any one place. It's not easy to be free.

Fri, 11/16/2012 - 21:15 | 2990352 sethstorm
sethstorm's picture

Then what happened on June 6th, 1989?  A massacre that only confirmed China's totalitarian ways. 

How about you tell the most offensive-to-the-PRC joke to as many Party officials as you can so they free you from everything.

Sat, 11/17/2012 - 01:15 | 2990936 helping_friendl...
helping_friendly_book's picture

And what happened at Kent State University  Monday, May 4, 1970? You dimwit!

To refresh your memory:

 The guardsmen fired 67 rounds over a period of 13 seconds, killing four students and wounding nine others, one of whom suffered permanent paralysis.

You are a hypocrite.


Sat, 11/17/2012 - 02:19 | 2991029 PositiveFeedback
PositiveFeedback's picture

 

 

In the USA you can say whatever you want as long as you do nothing. In China you can do anything you want as long as you don't talk about it 

 

As someone spending my first few months in China atm, this made me smile and nod in agreement :)

 

Fri, 11/16/2012 - 17:42 | 2989746 ElvisDog
ElvisDog's picture

So, you're trusting your savings to the idea that the Communist Chinese government, one of the most corrupt institutions on this planet (which says a lot), will preserve the purchasing power of their currency. Good luck with that.

Fri, 11/16/2012 - 20:20 | 2990185 helping_friendl...
helping_friendly_book's picture

******the most corrupt institutions on this planet******

That would be the USA Elvis.

At least China isn't run by kikes!

Sat, 11/17/2012 - 01:56 | 2991009 John Wilmot
John Wilmot's picture

LOL, I'm amazed you can speak, but then again it is only a Chinese dick in your mouth.

Sat, 11/17/2012 - 12:13 | 2991628 helping_friendl...
helping_friendly_book's picture

To the contrary! It is my (Amerikan) dick in a Chinese nationals mouth. She love me long time! Love Chinese women! They all look like they are 19!

You the dick!

Fri, 11/16/2012 - 18:25 | 2989883 Overfed
Overfed's picture

Gold, silver, ammo, seeds, batteries, candles, and non-perishable food, bitchez!

Fri, 11/16/2012 - 16:33 | 2989458 Tirpitz
Tirpitz's picture

"Now, the protestors need to make clear where the wealth comes from to spend more on their comforts."

Just wondering why there are zillions of unquestionable monies available for ongoing bank bailouts, but no chances to draw a pension from a system into which an entire life long had been paid into.

Fri, 11/16/2012 - 16:44 | 2989477 helping_friendl...
helping_friendly_book's picture

That one puzzles me also. The ECB pledges 500 billion EURO and the money doesn't go to pay pensions. It just goes to pay interest on their debt and to pay riot police to burn????

Fri, 11/16/2012 - 18:07 | 2989831 ElvisDog
ElvisDog's picture

It's not puzzling at all. The bailouts are intended to keep the banks solvent long enough so the extraction of wealth from the people via various austerity measures can be transferred to the same banks. That's why austerity measures and bailouts are always linked.

Fri, 11/16/2012 - 19:40 | 2990031 Reptil
Reptil's picture

100%

Sat, 11/17/2012 - 14:20 | 2989370 helping_friendl...
helping_friendly_book's picture

Look at the fascist burn!!!!!!

A beautiful sight!

At least they can afford some gasoline!!!!

Fri, 11/16/2012 - 16:25 | 2989406 semperfi
semperfi's picture

Obama killed the TWINKIE !!!

Fri, 11/16/2012 - 16:39 | 2989489 helping_friendl...
helping_friendly_book's picture

The election is over.

 

Karl Rove lost!

Fri, 11/16/2012 - 16:29 | 2989446 Tirpitz
Tirpitz's picture

"This is what happens when after decades of socialism, the money to pay for the freebies finally runs out."

Actually Spain ran better economic numbers than the majority of the EU over the last ten years:

http://www.economist.com/blogs/graphicdetail/2012/10/daily-chart-7

Seems socialism worked there, then, much better than the fatal capitalism of anywhere else. Only the criminal bank bailouts sank that proud nation! That said, the money ain't gone, it is merely transferred to wealthy offshore accounts of a handful super-rich.

Go, citizen, fetch it back. And sink the uber-rich in the ocean of debt they saddle onto the generations to come.

Fri, 11/16/2012 - 17:56 | 2989793 Peterus
Peterus's picture

Actually a lot of actual wealth that money buys is gone. Few decades of malinvestment and destabilized market, rampant consumerism fueled by economic policy of Keynsian circulation. We've consumed and wasted a lot.

Sweden looks great compared to EU but it is in the same sleepery slope as all socialistic nations (every single one of European countries and USA are "socialists" with govt spending totaling 40-60% GDP and ton of regulation on the part that is left to the people, these are systems in tight centralized control). They actually liberalized some of the regulations recently and lowered burdens, became a little "less socialist". This can sometimes happen, but there is constant "gravitational" pull towards sacrificing the future for winning one more election. When population becomes demoralized and accept "free stuff" paying with votes and future obligation it's on. Half-socialism can be done better and can be done worse, but it is always unstable system, one election away from spiral to the ground. From a stable system you would expect that 1/3 of welfare States were like Greece, Italy or France in different stadia of collapse 1/3 in the middle and 1/3 with 0% debt to GDP, no unfunded liabilites and truly balanced budget.

Sat, 11/17/2012 - 01:59 | 2991011 John Wilmot
John Wilmot's picture

Actually a lot of actual wealth that money buys is gone. Few decades of malinvestment and destabilized market, rampant consumerism fueled by economic policy of Keynsian circulation. We've consumed and wasted a lot.

Indeed, but it's no use. They think money = wealth. What, deflation? Less money? Well, just print up some more, balance things out...lol.

Fri, 11/16/2012 - 16:33 | 2989457 Bastiat009
Bastiat009's picture

Europe is definitely NOT in the grip of anti-austerity anybody. Europe cares about football, the weather and maybe Christmas... Europe is in the grips of the banks, nothing else.

Fri, 11/16/2012 - 16:33 | 2989459 Piranhanoia
Piranhanoia's picture

due to unemployment, and the projectile vomiting of citizen sentiment,  I suggest;

"The Grecian Urn"  as the new name for the previously russian cocktail.

Fri, 11/16/2012 - 18:14 | 2989855 Ginsengbull
Ginsengbull's picture

Make one that fires multiple flaming projectiles, and call it the Ouzo Uzi!

Fri, 11/16/2012 - 16:37 | 2989468 JR
JR's picture

The peoples of Europe are fighting the bankers who have plotted to take all the peoples' resources for themselves, using the cover of “socialism” and "austerity."

They are fighting those who control the issuing and regulation of the economic system. In short, they are fighting the economic dictatorship of bankers.

Writes Robert J. Conlon at Fuse.net: “For over three centuries private thieving bankers have been misdefining the meaning of the words money and wealth so as to enable them to steal wealth from the workers that produce the wealth of the world.”

This power is consolidating in the hands of the Draghis, the Bernankes, the Kings, the Montis, the Dudleys – ie, the international banker operatives who hold the money and control it.

This power to destroy comes from the exercise of their arbitrary will and pleasure to forcibly control the use of credit and rule the lending of who gets it.

This, not the greed of the people, is what's tearing Western civilization apart ; this, according to Conlon, is what's forcing poverty upon the land.

Says Conlon: “To deny that the Federal Reserve Bank (and the ECB) is a private bank that steals workers’ money is to teach false doctrine. Only the government for the common good of society should create and control the use of money. Not private banks.”

Fri, 11/16/2012 - 17:43 | 2989750 Peterus
Peterus's picture

This is very shallow. FED or ECB are not some kind of outside party to Government. They are private in name and they do faciliate massive institutionalized theft... but not against Government. The sheme was planned exactly for this and they are all on one side!

Moving the printing press to the Goverment will block some leaks to private pockets, but also enable even grater inflation of money supply. It will also not address the systematic issue. Is it Obama's apointed FED chairman, or Obama himself - to stop this exploitation all fiat money must be abolished. Go back to commodity standard, no need to throw $ or E away, just let anyone use whatever monies they want. It will rapidly move back to some commodity backed notes that can be guarded from arbitrary expansion order of magnitude easier than fiat money.

Fri, 11/16/2012 - 16:40 | 2989497 Totentänzerlied
Totentänzerlied's picture

Protestors should think twice before asking the government to save them: it might try and oblige.

Oh wait, that's how we got into this fucking mess in the first place. Yet there they are again, asking for more saving.

Fri, 11/16/2012 - 16:43 | 2989520 Sandmann
Sandmann's picture

Socialism ? Perhaps...but how does that explain the US bankruptcy where the entire US Income Tax Revenue goes to Defence ?  The only Socialism on offer is that to bailout Banks

Fri, 11/16/2012 - 17:34 | 2989715 Peterus
Peterus's picture

Government spending in USA is about 42% GDP. How can this not be called socialism? Well, maybe fascism as it is a country with belligerent, aggressive foreign policy AND cartelization of both corporations and workers. Corporatism is pretty good word too, as there is still some free exchange left but the important parts are controled and cronies have their profits quietly backed by the guns of the Government.

Call it whatever you will - capitalism could be used for countries with spending up to 10% GPD and limited regulation, where most of the trade and economic decisions are still made by citizens.

Fri, 11/16/2012 - 16:54 | 2989559 TrumpXVI
TrumpXVI's picture

Pretty good article, except the part about the "European Chinese water torture".  The "Chinese water torture", at least the version with which we are familiar, was actually invented by the Italians.  Italy is part of Europe if I still have my European geography correct.  Calling it "Chinese" was merely an afterthought, maybe to make it sound more exotic and scary.

Fri, 11/16/2012 - 17:17 | 2989660 news printer
news printer's picture

2nd photo ---> A riot police officer is engulfed by petrol bomb flames in front of parliament during clashes in Athens on November 7, 2012. (Dimitri Messinis/Associated Press)

http://www.boston.com/bigpicture/2012/11/austerity_protests.html

Fri, 11/16/2012 - 18:11 | 2989843 Ginsengbull
Ginsengbull's picture

He just overfilled his Zippo lighter.

Sat, 11/17/2012 - 01:23 | 2990952 samsara
samsara's picture

"...riot police officer is engulfed by petrol bomb flames i"

 

There's a law against FIRE,  I think it was in the Patriot Act or NDAA can't remember which.

 

/Sarc

Fri, 11/16/2012 - 17:35 | 2989720 Tango in the Blight
Tango in the Blight's picture

Government serves all.

Fri, 11/16/2012 - 17:37 | 2989729 Madcow
Madcow's picture

the rioters are just getting warmed up - just wait 5 or 10 years - and you'll see what "crisis" really means.

i have come to the conslusion that the leaders of the IMF, EU, ECB, etc - are sociopaths - who rather enjow wathing civilzation crumble.

they could simply admit their mistakes, hyperinflate the currency, and start over - 

yes that would be painful - but ANYTHING beats at slow steady march into anarchy and cannibalism with no hope for the future

Fri, 11/16/2012 - 17:53 | 2989782 toomanyfakecons...
toomanyfakeconservatives's picture

Try 5 or 10 days.

Fri, 11/16/2012 - 17:38 | 2989732 microp
microp's picture

As they did in Spain, also here in Portugal, the police is starting the violence! All the violence that may happen in Portugal is started by the police, always! They throw the first rock, always! On wednesday infiltrated police were the only ones throwing rocks!

END THE EURO, NOW! STOP SLAVERY!

FUCK GERMANY.

Fri, 11/16/2012 - 18:09 | 2989842 Ginsengbull
Ginsengbull's picture

Now, when they could use all those east german kalashnikovs, they're nowhere to be found!

Fri, 11/16/2012 - 18:01 | 2989813 QuietCorday
QuietCorday's picture

I realised in my mid twenties that the onward march of the welfare/client state in certain countries would never end until the whole edifice totally collapsed. This goes for most European countries.

If, by some strange magical spell, the entire adult populace suddenly got good jobs in the private sector and no longer required welfare or benefits or a public health service or state schools, European governments would simply import millions of third-world migrants to create a new dependency class.

I realised there would never be a situation where Britain, for example, got back on its feet and spending thus naturally decreased to allow for viable tax cuts on the 90 percent. I realised they would never let us go. EVER. And taxes would rise and rise, and spending stretch thinner and thinner per capita, until we were all living in near impoverishment. The only relief would be when the balloon finally burst but then we would be left with chaos.

You know, I live in the "EU", and this shit is going to go on for years. This isn't even the beginning. They will screw us until we bleed, and then it won't even be over.

 

Fri, 11/16/2012 - 18:08 | 2989834 Ginsengbull
Ginsengbull's picture

The bloodlines will be thickened with war.

Fri, 11/16/2012 - 18:06 | 2989829 Ginsengbull
Ginsengbull's picture

Let the good times roll!

 

We're going to party!

Fri, 11/16/2012 - 18:29 | 2989887 cornflakesdisease
cornflakesdisease's picture

Funny, you don't see the protests on the US news.

Fri, 11/16/2012 - 18:33 | 2989897 walcott
walcott's picture

Europe the first cashless society.

And perhaps the first petroless society?

Fri, 11/16/2012 - 19:03 | 2989954 americanspirit
americanspirit's picture

If the state chooses to use chemical warfare against the people, the people have a right to respond in kind. Remember your basic chemistry - there are lots of easily-made ways to respond to tear gas, far more effective than Molotov cocktails.

Fri, 11/16/2012 - 19:19 | 2989981 Reptil
Reptil's picture

"The Wealth is Gone" BULLSHIT
it's misappropriation because of a decade of corruption that this is happening. Yeah the money's gone. But money is fiat.

The trick is to let it collapse and start over. Frightening huh? That's why they've not dared. But it's the only way. That, or perpetual debt slavery.

And that is what this is about. The lies are now surfacing, and the bureaucrats positions compromised. If we'd have intelligent ppl. at the helm they'd figured it out that it's untenable, and their masterplan of hard landing the consumption economies with a drain on financial means will not work. The more centralised they'll make the descision making process, the more wealth is concentrated in few hands on paper, the more fragile their grip will be on the whole. Their only card is war, and subsequently a policestate and they'll try to play it.

As for population numbers, you can count these downward. It's already declining.

Fri, 11/16/2012 - 19:31 | 2990005 Bansters-in-my-...
Bansters-in-my- feces's picture

Rage against the machine.

Fri, 11/16/2012 - 19:41 | 2990034 Wave-Tech
Wave-Tech's picture

Europe is first in line in the COUNTDOWN TO TOTAL COLLAPSE...

Fri, 11/16/2012 - 19:56 | 2990098 q99x2
q99x2's picture

They'll be hanging up the sign, "Abandon hope all ye who enter here" before long. A virtual Greece on the Internet might survive. People are retarded to not have come up with something other than money.

Fri, 11/16/2012 - 20:56 | 2990302 Snake
Snake's picture

In the wake of the financial crisis of the "developed" world, elites in the United States have succeeded in casting government spending as useless profligacy that has made the economy worse, centering the policy debate budget on cuts – austerity – as the only way to restore prosperity. Unfortunately, while attractive, austerity is a very dangerous idea that rests upon a tenuous and thin body of empirical evidence.  To understand why it nonetheless remains so powerful as a doctrine requires engaging not only with its relatively short history, but its prehistory in the thinking of Hume, Smith, Ricardo, Mill, Schumpeter, Hayek and the neoclassical critics of Keynes.

The U.S. sovereign debt comes from a broken federal fiscal system that taxes at 18 percent of GDP and spends at 25 percent – and that has bailed out its financial system. In the process of making up for lost tax revenue, recapitalizing banks, and paying out transfers, it has transformed the private debts of the banking sector into the public debts of the nation. In Europe the same story is augmented by a banking system filled full of rapidly devaluing assets tied to a financial doomsday device called the Euro. In both cases, while there may a be crisis in sovereign debt markets, the idea that this was caused by sovereigns’ “out of control spending” simply does not stand up to empirical scrutiny. The crisis is, and remains, a banking crisis.

Keynes once argued that “the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.” Nowhere is this truer than in the current zerohedge “consensus” over austerity policies.

Fri, 11/16/2012 - 22:26 | 2990547 VisualCSharp
VisualCSharp's picture

Huh? You make no sense whatsoever. Why the use of scare quotes with "out of control spending?" Spending is out of control, by your own cited facts! Politicians, voted into office by those who have not and cannot, are simply responding to the demands of their constituents: more free shit. The fact of the matter is the majority of the human population is dumb, uneducated, emotional and is -EV for society. Until that changes--and I don't think it will--we are headed toward a society dominated by magical thinking and animalistic behavior. Logic and rationality have left the building and they ain't coming back.

Sat, 11/17/2012 - 00:48 | 2990895 Joseph Jones
Joseph Jones's picture

Scripture states: "Debtor is slave to the lender."  It also outlaws interest (usury) of any kind, at least between "believers." 

It appears that your position and Scripture's are mutually exclusive. 

Fri, 11/16/2012 - 21:36 | 2990421 zippy_uk
zippy_uk's picture

In 2001 Barroso made a speech saying he had a plan to make the EU the most dynamic and competitive economy in the world by 2010.

So how is that working out for you Mr Barroso ? Eleven years is a long time to say in your job don't you think these days?

Come to think of it, Globalists said how much wealthier we would all be with Globalisation.

Hands up if this is you?

....anyone ?

Fri, 11/16/2012 - 22:27 | 2990549 VisualCSharp
VisualCSharp's picture

They all have plans. Very few have the ability to actually do productive shit.

Sat, 11/17/2012 - 00:01 | 2990792 uncle reggie
uncle reggie's picture

This is what happens when after decades of socialism, the money to pay for the freebies finally runs out.

It's just so easy to roll out the same old dead horse to once again blame for all eceonomic woes. All those freebies! Funny how all the freebies for the masses are the problem but not a mention of all the freebies for the economic elite. This is elitist propaganda designed to continue the shift of wealth upward. Grand theft on a world wide basis.

Most of the people thronging the streets don't fully understand what has happened. They don't realize that the deadly combination of a cradle-to-grave welfare state with a centrally planned fractionally reserved banking system has produced a terminal boom and that there is simply no painless way out of the situation anymore.

Wrong! The people understand one reality that's true worldwide. The super rich are determined to suck up as mush as they can and screw everyone who gets in their way. Austerity is the plan and the masses are in the crosshairs. Everything else is just window dressing.

  

Sat, 11/17/2012 - 00:42 | 2990885 Billy Shears
Billy Shears's picture

Pssst, ya wanna buy some bootstraps? 

Sat, 11/17/2012 - 01:23 | 2990951 uncle reggie
uncle reggie's picture

With or without electronic monitors?

Sat, 11/17/2012 - 02:33 | 2991010 Radical Marijuana
Radical Marijuana's picture

"... realize that the deadly combination of a cradle-to-grave welfare state with a centrally planned fractionally reserved banking system has produced a terminal boom ..."

I like how that article at least mentioned that there was that combination.

I find a lot of the ZH comments shared some sort of macabre sense of humour regarding this, like I do. In my opinion the elites have an insane agenda, but the real power to implement that nevertheless. Their solution to the ways that our systems are unsustainable is apparently to switch gears, to start genocidal wars, and impose democidal martial law. Deliberately killing off hundreds of millions, or billions of people, is a hell of way to resolve the current problems. However, I believe that is the most probable one.

Indeed, the GREAT BOOM of exponential growth of the total human population and activities appears to be TERMINAL. There is no sane way to prepare for how unpredictable civilization going crazy is going to get, especially since nature will probably go nuts at the same time ... It was a delightfully macabre understatement to say "Most of the people thronging the streets don't fully understand what has happened."

Their "leaders" are the best professional liars and immaculate hypocrites that money could buy. The ACTUAL systems are the runaway triumphs of financial frauds, which have been delivering bread in utterly unsustainable ways, along with an ever increasing circus of nonsensical distractions. Between the Zombie Sheeple, and the Wolves with Mad Sheep Disease, those dynamics makes any more creative and intelligent discussion of human and industrial ecology practically impossible.

THEORETICALLY, the only possible good solutions would have to be creative, radical, transformations in the human and industrial ecology systems. However, the ACTUAL systems were controlled by those who lied about everything they were doing the best that they could. What has happened is the collapse of one fraudulent bubble, but that is only a superficial symbol of the FACT that a monsterously large BUBBLE has been blown by the runaway exponential growth of the human population and activities, based on overshooting whatever might have been sustainable to mind boggling degrees!

Therefore, the actual plans of the actual ruling elites are something that most of the people thronging the streets could not imagine, since those plans are to deliberately slaughter off most of them! Since the ACTUAL dynamics was human and industrial ecologies totally based on fundamentally fraudulent financial accounting systems, and impossible ideals, the most probable result was always catastrophic collapse into chaos, featuring mass murders as the main attraction. Too bad, so sad, that any more intelligent and creative ways of achieving better death control systems is practically impossible to be advanced in any sane public debate, therefore, we ARE going to default down to the most insane possible breakdowns of the triumphant frauds and impossible ideals that have been directing what we have actually been doing. Without negotiated agreements to have better death control systems we shall default to the worst possible ones. We can not make the imperatives for human and industrial ecology disappear, simply by ignoring them. Of course, the ways that we have been deliberately ignoring those, in insane ways, were the main reasons why we have also been destroying the natural ecologies too!

I believe that the immediate bubble blowing and popping in Europe, as discussed in this article, was only the tiniest foreshadowing of what is coming. All of human history has been one vast exponential growth of the biggest possible bubble that could be blown, and that is probably going to pop in the most horrible ways. The COMBINATION of financial frauds, and impossible ideals, has totally dominated our politics practically forever, or at least for many, many generations, throughout almost all of human history!

The concept that endless exponential growth cannot continue is practically non-existent in public politics, and therefore, the sane addressing of realistic solutions to that problem are practically non-starters. Given that, I can not believe in anything else than that the morbid social habits of the ruling elites will resolve these problems in their ways, which will be to massively slaughter off the majority of the human population.

I WISH that I believed something else. However, as this article correctly pointed out, inside this little context of this relatively recent, but relatively small bubble blowing and popping, being unable to ever be fixed by going back to some "normal" exponential growth, ... given that the radical creative solutions which are theoretically necessary appear to be politically impossible, since, indeed, "Most of the people thronging the streets don't fully understand what has happened." ... The most probable solutions are for a global crash, bigger than we can imagine, starting world war, with martial law blowbacks, beyond our ability to imagine.

I WISH I believed it was possible to move past our current systems of fundamentally fraudulent financial accounting, and social expectations based on impossible ideals. However, we appear to be TERMINALLY stuck inside that spiralling social rut!  Therefore, the theoretically possible alternatives, for a sustainable human and industrial ecology, are probably impossible to practically implement, while starting wars, and imposing martial law looks as easy as rolling off a log.

The current "leaders" have apparently not prepared for anything else but that!They could easily do that because "Most of the people thronging the streets don't fully understand what has happened." Those leaders could not do anything else, because the combination of impossible ideals, and fundamental financial frauds, ARE the current systems, and those systems have passed the point where they could ever return to normal, and get back to going again! 

There are no real solutions other than radical revolutions, but FIRST, world war and martial law will take their last kicks at the can, which has been kicked and kicked and kicked, down the old roads, for so, so long ...

As the real big picture was revealed here:

http://www.zerohedge.com/news/2012-11-16/150-seconds-you-cant-handle-eur...

in Europe, and then, even more globally:

http://www.zerohedge.com/news/2012-11-16/chart-day-worlds-scariest-diver...

Sat, 11/17/2012 - 04:19 | 2991157 nah
nah's picture

LINE UM UP SCRO

Sat, 11/17/2012 - 10:20 | 2991447 northerngirl
northerngirl's picture

It is sad to say, but this is what is coming to America, only on a much grander scale.

Mon, 11/19/2012 - 03:56 | 2995302 cgagw
cgagw's picture

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