European Economic Crisis

The Greek Crisis Just The Tip Of The Iceberg! :( Europe In Crisis!

The Greek economic crisis, leading to widespread riots and looting over the past two days, is an alarming development, which is likely to continue and to spread to other European nations which have debt crises and weak economies!

The Greeks are so overextended in debt that if it were not for the assistance of Germany, the strongest economy in Europe, it would go bankrupt and into chaos and anarchy. As it is, with Germany insisting on harsh cutbacks in the Greek economy, including dramatic cuts in pensions and benefits, the Greeks are involved in massive demonstrations that are rapidly getting out of control, with three bank workers killed after a bank building was set on fire.

The problem with Greece and, really, with many other nations, including the United States, is that too many wealthy people have been successful in evading taxes or paying far less than they should be expected to pay, and the middle class is becoming the victim, as well as the underclass, as a result of their selfishness and greed! 🙁

And in the midst of all this, the Republican party continues to be demagogic and promote lower taxes, acting as if government can exist without proper collection of taxes based on ability to pay. It is that party, under George W. Bush, which had a lot to do with the economic crisis this nation and the world faces! 🙁

The problem is that the so called PIIGS nations (Portugal, Ireland, Italy, Greece, Spain) are all in financial crisis, and it is affecting the value of the Euro currency, and now causing a stock market crisis as I write this! 🙁

The biggest irony of all this is that Germany (once the nation of Frederick the Great, Bismarck, Kaiser Wilhelm II, and Adolf Hitler), and the nation that caused two world wars and represented autocratic and dictatorial governments in its past, has become the savior of the nation which represents the emergence of democracy in the Western World in ancient times! Who would ever have imagined such a scenario?

The danger is that this European economic crisis could spread elsewhere, and already, there are hints that Great Britain, having its parliamentary elections today, may face a somewhat similar economic crisis, for the prime minister who is elected to head the House of Commons. It might be a mixed victory, something that might be regretted for the man who faces the future economic crisis in the United Kingdom!

And, ultimately, if this economic crisis goes ballistic, it will affect the economic future of Barack Obama’s presidency, and the fortunes of all Americans! 🙁