"History is a wonderful thing, if only it was true"

Saturday, May 22, 2010

Watch out for the fan ...

it's about to get hit.
Complacency after WWII ends.

The Euro-model is threatened.
And BTW ... if you think the Americans are too business-oriented, look East (no, not Russia, further East)

Payback Time - Deficit Crisis Threatens Ample Benefits of European Life - NYTimes.com:

"Europeans have boasted about their social model, with its generous vacations and early retirements, its national health care systems and extensive welfare benefits, contrasting it with the comparative harshness of American capitalism.

Europeans have benefited from low military spending, protected by NATO and the American nuclear umbrella. They have also translated higher taxes into a cradle-to-grave safety net. “The Europe that protects” is a slogan of the European Union.

But all over Europe governments with big budgets, falling tax revenues and aging populations are experiencing rising deficits, with more bad news ahead."

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