Inquiring minds are reading a fabulous new major article from Reuters about the squeezed middle-class of Europe. Forget all those stories that have been circulating for decades that “Americans work too hard, Europe knows how to live properly”.
Europe has been living on borrowed money for over a generation, and in the immortal words of Margaret Thatcher, “Socialism is great…until you run out of other people’s money.”
This article is actually an amalgam of 5 articles…one each for Spain, Germany, Greece, Romania, and Britain.
These articles show how Europe has been living off borrowed capital for quite some time. Now its morning, the place is a mess, and the party is over. What’s that? The door bell?
For whom does the bell toll? It tolls for thee, Europe…it’s the collector. Time to pay up.
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