BBC News: Reports that the Italian Government has to pay 6.06% on their 10 year bonds, the highest since the creation of the Euro in 1999. The sticky plaster that was the EU deal on Thursday is showing its weakness folks, the Italian Government has promised structural reforms to its economy, that Government faces losing the expected General Election next year. Also its a total humiliation for the EU to go cap in hand to China, at this rate China will have the US and EU by the throat, but it cant be a tight hold folks, if China plays politics with the debt it holds it risks going under itself, thus China to keep its own books in balance needs the US and EU to grow, the welfare state is a problem folks, as stated many times on this blog, the welfare state cant cope with the age demographic of the West, few to younger workers and a lot more old people, also those that reach 65 don’t have to retire any more, thus less jobs for the young, it’s a vicious end game folks. The West faces years of economic decline folks.
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