Guardian: Reports that Italy has promised a tough austerity package over market worries that Italy can not afford to pay back its debt, as the article notes Italy was “ firmly in the eye of the eurozone debt storm on Monday…”. Thus folks we have seen two bailouts of Greece, and one so far for Ireland and Portugal, one has to come to the conclusion that the EU has to have major meeting and discuss how much debt these EU countries and how much it would take to bailout them out, the above mentioned are broke, they are all in the Euro, and the austerity packages will really hurt main street. Thus something has to give folks, either the EU gets its wallet out or theses countries have to default and restart their economies and welfare state in manner for the 21 Century. There is no strategic thinking, its one disaster after another, and lets not forget the fourteen trillion debt of the US, if that goes down then we area all in the toilet. The 21 Century has to see the West have another look at its welfare structure, lets be honest folks, old people are not falling of their perches fast enough and the young work force has declined. Something has to give, either taxes go through the roof or the welfare state of Western Europe has to change, who is going to bite the bullet folks, one thing this blog will promise, that politician in the future will look good but will only serve one term in office, that is the price of reform folks.
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