Green Room

The End of Europe Is Nigh

posted at 3:37 pm on May 22, 2011 by

The roof, the roof, the roof is on fire.

That’s basically how one can summarize the situation in Europe. Several (South) European countries are on the brink of collapse. Greece is as near bankruptcy as can be. At the same time, Western and Northern Europeans are becoming increasingly disturbed by the irresponsible behavior of the Greek, and of other nations.

Other nations, you ask?

Why yes. You see, Spain is almost in a state of civil war.* Spanish youth have been protesting announced economic reforms for some time now, because once again they are the ones who have to bear the grunt of the government cuts. This while the unemployment rate among the youth is up to 40% (or more).

Meanwhile, the ones actually responsible for Spain’s economic mess – the middle-aged and the elderly – are not asked to make any significant sacrifices.

If I were a Spaniard, I wouldn’t quite accept that either.

Having said that, reforms are desperately needed. If the Spanish continue living the way they’ve lived for decades, they’re doomed – and so will the rest of the European Union. After all, Europe’s economies are interconnected. If Spain falls, the Euro suffers a major blow. And if the Euro suffers a major blow, the other Euro-countries are in deep trouble indeed.

As for Greece, especially the Dutch are increasingly angered by the attitude of the Greek. The EU has bailed out Greece, but now they want another  ‘loan’; even though they haven’t paid back the other one. What’s worse, many believe they will never pay these loans back. A small country like the Netherlands is asked to give the Greek 3,5 billion Euro (that’s approximately 5 billion in US Dollars. Such an amount may be peanuts for, say, the United States, but not for a country like the Netherlands that has a total population of a mere 16 million souls.

So what’s ahead for Europe? Well, to say that the future looks rather grim would be the understatement of the century. The Old Continent can’t bail out weak, corrupt, lazy and irresponsible states infinitely. One of these days, we’ll simply run out of money.

* For some photos of the mass protests see here and here. Go here for a video.

This post first appeared at Right Across The Atlantic.

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This sounds like what we have here in America, ‘can’t bail out weak, corrupt, lazy and irresponsible states infinitely. One of these days, we’ll simply run out of money.’ We are out of money for our country and the whole world! I’m sick of paying for all these people! Deal with things yourself or go bust.
L

letget on May 22, 2011 at 4:12 PM

This sounds like what we have here in America, ‘can’t bail out weak, corrupt, lazy and irresponsible states infinitely. One of these days, we’ll simply run out of money.’ We are out of money for our country and the whole world! I’m sick of paying for all these people! Deal with things yourself or go bust.
L

letget on May 22, 2011 at 4:12 PM

We’ve already run out of money. We’re just able to lie about it so far because most of the rest of the world thinks the “full faith and credit” of the government of the United Sates of America still means something. It doesn’t.

gryphon202 on May 22, 2011 at 4:33 PM

Letget: exactly. Act like a responsible adult, or face the consequences. It’s that simple – in everyday life, and in politics. Sadly, the ‘European’ and American elites think slightly differently about this all.

Gryphon: that’s a very good point. When the rest of the world finally decides that, hey, the Americans can’t pay us back! Not now, not ever! That’s when we’ll truly see a big crisis rock the world.

Michael van der Galien on May 22, 2011 at 4:46 PM

Something that keeps bothering me, Greece was told by the EU and IMF to put out a budget with a deficit of no more that 7.5% (iirc), and came back with a planned budget deficit of over 9%.

First off, why is the EU & IMF aiming for Greece to spend 7.5% more than what they are taking in in Taxes, let along letting them get away with 9%. If they are basically insolvent, who is lending them money to do this?

Canadian Imperialist Running Dog on May 22, 2011 at 4:50 PM

CIRD: the rest of Europe (and Europe’s banks) is. The banks understand that Greece won’t be able to pay anyone back, but they’re willing to run the risk because they know / believe they’ll be bailed out by the other EU-members – indeed, by taxpayers’ euros.

Some truly scary stories are getting out of Greece right now. The largest Dutch newspaper interviewed some average Greek people. Their message to Europe? “We’re not going to work our *ss*s off until we’re 65. We’ll retire when we’re 53, just like our parents and grandparents did”. This even though the country is going bankrupt ánd even though these early retirees will have to be supported by Western Europeans, who will (have to) work until they’re not 65, but 67! years old.

Michael van der Galien on May 22, 2011 at 4:57 PM

The Bible says Europe will be a united front, or so I’ve read.. So I’m guessing the anti-Christ will appear to “save” them economically.

SouthernGent on May 22, 2011 at 5:24 PM

Isn’t our dear leader going on a European vacation soon? Yep, that should just about finish them off.

Kissmygrits on May 22, 2011 at 5:29 PM

Heh. That’ll definitely be the nail in Europe’s coffin, KMG…

Michael van der Galien on May 22, 2011 at 5:38 PM

California not far behind.

William Amos on May 22, 2011 at 6:02 PM

Alternate song – Who Let the PIIGS Out?

Seriously, that’s the US in, at most, 10 years. I think it’s closer to 10 months.

Steve Eggleston on May 22, 2011 at 6:09 PM

Well, the US still has the ability to devalue it’s currency, Greece does not as long as it’s part of the Euro.

I wonder what the process for getting out of the Euro is

Canadian Imperialist Running Dog on May 22, 2011 at 6:55 PM

Don’t forget, Greece was just *barely* prevented from going communist in the late 40s.

Oh those wacky socialists and their western enablers.

WitchDoctor on May 22, 2011 at 7:02 PM

Still expecting that this crushing debt we have here will lead to something similar… It could be reversed I guess, but that is doubtful considering the number of people pushing for more spending and handouts.
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Just in case it gets bad I’ll say it again… Buy land, away from the cities, plant fruit trees and berries. Learn to keep chickens, maybe rabbits or sheep. Buy hunting and fishing gear…
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If the pigs in Washington do decide to stop the free-fall into the pit of debt, and the economy and system never collapse… You will have a nice vacation home in the wild.
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If on the other hand… Barry and the rest of the spenders destroy the system… you and your kids will have a chance of avoiding the worst of the nastiness.
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RalphyBoy on May 22, 2011 at 7:48 PM

The Bible says Europe will be a united front, or so I’ve read.. So I’m guessing the anti-Christ will appear to “save” them economically.

SouthernGent on May 22, 2011 at 5:24 PM

Any united front will almost certainly be due to military force. Europe’s attempts to unite economically have mostly been for naught, plus that’s the only way it’s been done in the past.

Uncle Sams Nephew on May 22, 2011 at 10:17 PM

I wonder what the process for getting out of the Euro is

Canadian Imperialist Running Dog on May 22, 2011 at 6:55 PM

Germany’s wondering that same thing. As angry as Americans would be about bailing out California, the anger of Germans about bailing out Greece… and Spain… and Portugal… and who knows who else, is even greater — and understandably so.

The particularly bad thing is that at a time when Germany really, really needs to be able to reach out to a sane, responsible America, there isn’t one. So a lot of Germany’s senior leadership is looking east, to Russia.

Stephen Harper kicks butt, BTW. Can you send him south so we can run him in 2012? Or at least clone him?

J.E. Dyer on May 23, 2011 at 12:42 PM

Just in case it gets bad I’ll say it again… Buy land, away from the cities, plant fruit trees and berries. Learn to keep chickens, maybe rabbits or sheep. Buy hunting and fishing gear…

RalphyBoy on May 22, 2011 at 7:48 PM

I’ve been having similar thoughts for a while! I’m so horrible at gerdening that I can’t grow enough to feed us though. This is a minor hiccup in the plan I guess, I’m trying to figure out how to grow potatoes in barrels to start..

CambellBrown on May 23, 2011 at 1:07 PM

J.E. Dyer on May 23, 2011 at 12:42 PM

On the issue of Germany, I was watching Cavuto on Fox a week or so ago and he had a guest on that said Germany was buying a stake, I don’t recall the % but a major amount, of our nasdaq! The guest said he didn’t think they would change the name though. Foreign countries are buying our businesses, land, leases on oil and gas, homes, etc. here in America. And to top it off, bho is making it impossible for American businesses to do business.
L

letget on May 23, 2011 at 1:39 PM

I’ve been having similar thoughts for a while! I’m so horrible at gerdening that I can’t grow enough to feed us though. This is a minor hiccup in the plan I guess, I’m trying to figure out how to grow potatoes in barrels to start..

CambellBrown on May 23, 2011 at 1:07 PM

Try starting out growing smallish ‘contained’ plants; things like herbs, peppers, carrots and vine tomatoes in small to medium-size pots. Jumping right in to a full-size garden can easily be discouraging and frustrating.

Uncle Sams Nephew on May 23, 2011 at 1:42 PM

Thank god my native Norway is not part of the EU.
Actually been running with a budget surplus with over a decade and has no debt.

Norwegian on May 23, 2011 at 5:04 PM

Thank god my native Norway is not part of the EU.
Actually been running with a budget surplus with over a decade and has no debt.

Norwegian on May 23, 2011 at 5:04 PM

Amazing how that works when the govt allows a country’s oil to be drilled for and exported. If only the US had some type of untapped massive oil fields somewhere that could bring in trillions of dollars of revenue. Darn it, we just don’t have anything like that here.

angryed on May 23, 2011 at 6:26 PM

angryed: heh. Yeah… if only

Michael van der Galien on May 24, 2011 at 11:48 AM

I wonder how soon the industrious Dutch & Germans uncouple themselves from the EU & euro?

roy_batty on May 25, 2011 at 8:53 AM

Thank god my native Norway is not part of the EU.

Norwegian on May 23, 2011 at 5:04 PM

My Danish friends express great satisfaction at retaining their kr as well.

roy_batty on May 25, 2011 at 8:56 AM