Demonstrators protests anti-austerity measures in Brussels on Wednesday. Labor Unions prepared a march of nearly 100,000 workers. (Photo: AP)
BRUSSELS (AP) — Anti-austerity protests erupted across Europe on Wednesday — Greek doctors and railway employees walked off the job, Spanish workers shut down trains and buses, and one man even rammed a cement truck into the Irish parliament to protest the country’s enormous bank bailouts [see video below].
Tens of thousands of demonstrators poured into Brussels, hoping to swell into a 100,000-strong march on European Union institutions later in the day and reinforce the impact of Spain’s first nationwide strike in eight years.
All the actions sought to protest the budget-slashing, tax-hiking, pension-cutting austerity plans of European governments seeking to control their debt.
In an ironic twist, the march in Brussels accidentally comes just as the EU Commission is proposing to punish member states that have run up deficits. Most of those deficits funded social and employment programs in a time of high unemployment across the continent. The proposal, backed by Germany, is expected to run into strong opposition from France.
“It is a bizarre time for the European Commission to be proposing a regime of punishment,” said John Monks, general secretary of the European Trade Union Confederation, which is organizing the Brussels march.
“How is that going to make the situation better? It is going to make it worse,” Monks said in an interview with Associated Press Television News.
Unions fear that workers will become the biggest victims of an economic crisis set off by bankers and traders, many of whom were rescued by massive government intervention.
Several governments, already living dangerously with high debt, were pushed to the brink of financial collapse and have been forced to impose punishing cuts in wages, pensions and employment — measures that have brought workers out by the tens of thousands over the past months.
“There is a great danger that the workers are going to be paying the price for the reckless speculation that took place in financial markets,” Monks said. “You really got to reschedule these debts so that they are not a huge burden on the next few years and cause Europe to plunge down into recession.”
Riot police try and hold protesters back in Bercelona, Spain on Wednesday.
In Spain, Prime Minister Jose Luis Rodriguez Zapatero‘s Socialist government is under severe pressure because of the hugely unpopular measures put in place to save Europe’s fourth-largest economy from a bailout like one that saved Greece from bankruptcy.
The cuts have helped Spain trim its central government deficit by half through July but the unemployment rate stands at 20 percent, and many businesses are struggling to survive.
The strike Wednesday was Spain’s first general strike since 2002 and marked a break in the once-close relationship between unions and the Socialist government.
Whistle-blowing picketers blocked trucks from delivering produce at the main wholesale markets in Madrid and Barcelona. Strikers hurled eggs and screamed “scabs” at drivers trying to leave a city bus garage in Madrid.
The salary cuts for civil servants, pension reforms and new laws that make it easier for companies to fire workers were rushed into law quickly in Spain, without traditional negotiations between management and workers.
Greece, which had to be rescued by the euro-nations this spring to stave off bankruptcy, has also been forced to cut deep into workers’ allowances, with weeks of bitter strikes and actions as a result.
Bus and trolley drivers walked off the job for several hours while Athens’ metro system and tram were to shut down at noon. National railway workers were also walking off the job at noon, disrupting rail connections across the country, while doctors at state hospitals were on a 24-hour strike.
Greece has already been suffering from two weeks of protests by truck drivers who have made it difficult for businesses to get supplies. Many supermarkets are seeing shortages, while producers complaining they are unable to export their goods.
Truck drivers’ unions voted late Tuesday to continue their protests against plans to liberalize their tightly regulated profession, despite a government threat to force them back to work or cancel their licenses.
Greece’s government has imposed stringent austerity measures, including cutting civil servants’ salaries, trimming pensions and hiking consumer and income taxes. Several other EU nations are also planning actions.
In Dublin, a man rammed a cement mixer into the gates of the Irish parliament Wednesday in an apparent protest at the country’s catastrophically expensive bank bailout. Written across the truck’s barrel in red letters were the words: “Toxic Bank Anglo.”
Police said they had arrested a 41-year-old man but gave few other details.
The Anglo Irish Bank, which was nationalized last year to save it from collapse, owes some euro72 billion ($97 billion) to depositors worldwide, leaving Irish taxpayers with a mammoth bill at a time when people are suffering through high unemployment, tax hikes and heavy budget cuts.
Many experts say, that whatever unions try, the towering government debt across the continent will force drastic changes in Europe’s labor situation.
“The party is over,” said former EU Commissioner Frits Bolkestein at the financial Eurofi conference in Brussels. “We shall all have to work longer and harder, more hours in the week, more weeks in the year, and no state pension before the age of 67,” he said.
The unions say, however, that the party was only there for society’s upper crust, leaving the workers to pay the bills. The crisis has left 23 million people unemployed in Europe, Monks said.
___
Associated Press Writer Dan Woolls in Madrid and Elena Becatoros in Athens contributed to this story.
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Comments (62)
Slayer
Posted on September 29, 2010 at 12:09pmThe fruits of abusing Capitalism led to Socialists getting into control and instituting Socialism. Now, the fruits of Socialism are violence. Wait till it starts here.
Report Post »thesixfour
Posted on September 29, 2010 at 11:26am1nation – get ready for the same here.
Report Post »RememberWeThePeople
Posted on September 29, 2010 at 11:23amThere is no way that the great leaders of this free country can look over into Europe and think that things will be better here if we implement the same policies….no way. This is flat out designed to break us.
Report Post »GringoBob
Posted on September 29, 2010 at 11:19amthe difference between patriots and pinheads is simple – the patriot would just get in the cement mixer truck, back it out and park it at police storage area – the pinheads make a half day circus of wasted manpower and resources to accomplish the same result – any questions why there was a problem in the first place ?
Report Post »Contrarianthinker
Posted on September 29, 2010 at 10:51amBe 100% assured that the riots herewould be much worse and they’re coming in 2011. Not just the whaacko lead by the Unions left but many middle class people when they find out how they have had their life retirement efforts undermined and continue to have a decreased standard of living as basics spiral in pricing. I hope all have a year’s supply of necssities and can physically protect themselves.
Report Post »poverty.sucks
Posted on September 29, 2010 at 10:42amIf there’s something strange
Report Post »in your neighborhood
Who ya gonna call?
GLEN BECK
mtnclimberjim
Posted on September 29, 2010 at 10:42amOk folks. Looks like you see the future. Are you now willing to apply the “Rules for Radicals” back at them? You see, I believe the ends justify the means in saving our country. The sooner you tell your lib neighbor to stuff it in their ass and we now rule the roost the better. There is no way to do this nicely. You will not be popular in some circles and you might loose a few battles, call for reinforcements and never give up the fight. It will get ugly. Watch the rally at the mall this weekend. You will see your enemy.
Report Post »kmbr
Posted on September 29, 2010 at 11:02amI think you GET it.
Report Post »NeeNee
Posted on September 29, 2010 at 11:22amOne of the things I like about being 62 is reserving the right
to say exactly what’s on my mind. Preface it with “I’ve lived
30 years longer than some of you pups”, then throw in that hubby
and I lived through the Carter years. Which will be a walk in the
park compared to what potentially lies ahead under Obama.
I have a small antique shop and believe me, the only ones buying fall
into one of two categories: a) they naturally have tons of money or
b) they voted for Obama and think things are turning around. The shop
is a real barometer for what’s actually going on in the country. When
times are really good, I do well. When money is tight, I starve. To get
a cash flow, I offer (in the antique world)a discount of 25% off anything.
Which does work—not to the extent it would have 5 years ago, but some
people are opening their wallets for that discount. Tax cuts work the same
way.
Most folks do talk about the economy and most are firmly in the conservative
Report Post »camp. The ones who aren‘t are starting to admit that maybe BO’s policies
aren‘t working and aren’t going to. We’ve actually converted three die-hard,
county party Democrats!
The Head
Posted on September 29, 2010 at 10:36amYou cant get blood from a stone …the ride is over for many, The ponzi scheme is coming to an end. Those left holding the empty bag are angry and so the riots begin…………..History has proven that out of mass anger rise tyrants
Report Post »JD Carp
Posted on September 29, 2010 at 10:16amPatriots: Stay vigilant, it is coming here next! I predict, when we take the House and Senate Obama will mobilize the union thugs and the anarchists into riots and insurrection PRIOR to January swear in. What happens next is pure speculation but consider the alternatives open to this arrogant megalomaniac.
Not every theory is a conspiracy.
Report Post »v.o.t.e.
Posted on September 29, 2010 at 10:05amthis is where the liberal progressives want to take the usa– this is a preview of what happens if the obamaramacrats win– we are at a crossroads– vote
Report Post »Goldenyears22
Posted on September 29, 2010 at 10:18amThe world is being prepared for a One World Government, One World Economy and One World Religion that fits all. Most people today do not care about God one way or the other, so whatever will suit them is fine. Christians will be persecuted world-wide. There is a man out there that will come to tell us that he has all the answers to the world’s problems and people will follow him like sheep to the slaughter. During the time of his reign there will be such bloodshed as you have never seen or heard of in the history of the world. God is aware of what is going on and knew it from the beginning and gave us prophecy that would happen during this time as the world winds down. I see the stage being set. How often we hear about One World Government, redistribution of the wealth so that we all belong to One World Government that controls our money. While it may look like a Utopia to some that everyone is the same, it will be a living hell for all those who are involved in it except the elite. But it will not end well for them either. God will come and take control of this earth again as He has promised and then we will see a government run the way it should be. How much longer, I am not sure, but I see prophecy taking place. Keep your eyes on Israel, they are key.
Report Post »Contrarianthinker
Posted on September 29, 2010 at 10:53amGolden, you KNOW your Bible prophesies. Unless God is a liar/joker (He isn’t) this will soon come to pass.
Report Post »Mirimichi
Posted on September 29, 2010 at 2:07pm@Goldenyears22,
You are absolutely correct. Anyone with their eyes open can see where this is headed. It will take divine intervention to stop this downward spiral.
Report Post »TruthTalker
Posted on September 29, 2010 at 10:02amI don’t understand the mentality of thinking you are owed if you were born…..
Report Post »adifftake
Posted on September 29, 2010 at 9:57amJust wondering in amazement at the Socialists and Communists in this country, who President Obama has surrounded himself with, just wondering when they see the results in Europe of the same road they are taking this country down, why don’t they think, mmm maybe we shouldn’t go this way?
Either they ( The Obama Administration ) are tremendously misinformed about where Socialism leads and therefore they would be dumb as a rock, or they are intentionally taking us down this road so they can lord it over us.
Report Post »kmbr
Posted on September 29, 2010 at 10:06amI think because THIS TIME they know they have the entire globe. They are thinking they can Scandinavia the whole world and there won’t be any place more prosperous to compare it to. I don’t think they are smart enough to realize they are going to East Germany or worse the whole world because they still really believe in this stuff.
Report Post »Waiting4George
Posted on September 29, 2010 at 11:08amThey are true believers. They don’t care. They expect to stay alive and on top. They are evil.
Report Post »NeeNee
Posted on September 29, 2010 at 9:51am“You really got to reschedule these debts so that they are not a huge burden on the next few years and cause Europe to plunge down into recession.”
So . . . I wanna know. Is every country in the world borrowing money from China??
Don’t countries network together or at least find out who the backer of all these loans is??
Borrowing from your enemies just doesn’t make sense. And yet, why don’t citizens
question their reps & senators to delve into this?
Cutting spending, coupled with tax cuts, is the way to get ourselves back to fiscal
Report Post »stability. And yes, perceived “cruel” cuts in the budget will simply have to happen.
Promotefreedom
Posted on September 29, 2010 at 12:39pmI fear it is too late to dig out of debt. Some economists actually state the US national debt as 202 Trillion dollars, not 13 trillion as the govenment says. Nothing is going to work… This is ALL PLANNED. All government’s talk is just smoke and mirrors! The ONLY reason this country is holding on monetarily is that our Federal Reserve is fabricating money out of thin air. Treasury bond collapse in coming very soon. That means complete and total dollar collapse around the world as hyperinflation devalues US currency by the hour. This is part of the New World Order agenda. Then the government will swoop in with a new WORLD currency to replace the dollar, Euro, etc.
Too many people will not live to see another day, as our cities will be on fire, and all store shelves looted and empty.
When our great progressive government is ready, they will pull the plug.
Report Post »kmbr
Posted on September 29, 2010 at 9:46amWow, so now they get to pay $7 for a cup of coffee, pay nearly all of their money to the government and get absolutely nothing in return for it. What a bargain!
Report Post »BarbRah
Posted on September 29, 2010 at 9:36amTurn out the lights…”the party’s over”…over there anyway. The same song we all will be singing here if we don’t break the record! We still have time if people will just get out and vote on Nov. 2.
Report Post »Marylou7
Posted on September 29, 2010 at 9:44amAmen!
Report Post »Marylou7
Posted on September 29, 2010 at 9:30amComing to a town near you soon. This is what happens when everyone works for the government and the unions don’t get their way.
Report Post »poverty.sucks
Posted on September 29, 2010 at 9:29amPerfect example of what happens when unions don’t get their ways, even when the country is broke, makes no difference.
Report Post »Dustyluv
Posted on September 29, 2010 at 9:28am10/2/10 is the start of what we will soon see from the left. It will evolve into what is happening in the EU. I would rather be unemployed (and I would not take unemplyoment money) than be a member of a Union. My company tried to Unionize. I told them to get out of my face. Unions are for LOSERS!!!
Report Post »Contrarianthinker
Posted on September 29, 2010 at 10:55amActually we should hope that the 10/2 event turns into a riot but contained quickly. This would prove who these traitors really are. Compare this to 8/28. Any indpendent, open minded person will see the difference.
Report Post »CoFX
Posted on September 29, 2010 at 12:49pmSpeaking of 10/2, there was lots of talk about Restoring Honor treading on the memory of MLK Jr by using the date 8/28 for thier event. Let’s look at what happened in history on 10/2:
.
2nd October, 1933: President Roosevelt has asked the NRA to reduce codal hours to 30 to increase the number of jobs available and share the work and the wages more evenly.
2nd October, 1949: 500,000 CIO Steel workers have closed down the nations foundries, steel and Iron mills demanding pensions and better working conditions and wages, they now join the 400,000 coal miners on strike bringing the total on strike to nearly one million workers.
2nd October, 1971: Strikes By Miners and longshoremen cause docks and mines to close throughout the US with 140,000 on strike
2nd October, 1974 : A new study has shown that the use of marijuana long term can kill human brain cells and causing personality disorders.
2nd October, 1985: In London and Liverpool gangs of black youths are continuing to fight with local police forces and rioting in areas where racial tension is at it’s worst. The youths are making gasoline bombs which they are then using to firebomb shops in these areas.
2nd October, 1993: Hard Line Pro Communist demonstrators fought running battles with security forces loyal to President Boris Yeltsin in Moscow. Many of the old style communists are unhappy with Yeltsin and his free market reforms .
Just curious as to which event in history will be honored at the One Nation event. Seems like there are several that might have relevance!
They should have held it on a weekday and called it a strike for rights instead.
Report Post »wingedwolf
Posted on September 29, 2010 at 9:26amComing soon to a town near you….! Why have we benignly looked on for the last 40 years and kept quiet when we knew people were gaming the system to stay on workman’s comp or SSI or SS disability who worked “under the table” and therefore were perfectly capable of work? We all saw it and disapproved, but did nothing. (I did something about it, which resulted in a lot of people who haven’t spoken to me for 30 or so years, some of them family, but that’s another story). This is what is going to happen here because of our apathy. People are going to war to keep their free money, they haven‘t worked for so long they figure they’re too old to start doing the ethical work thing now! I worked 2 and 3 jobs at a time and lived in hovels, but I supported myself, totally. There is no longer any shame, pride or honor here. Get all you can out of others. You don’t get rewarded for doing the right thing, you get scorned and laughed at.
Report Post »NeeNee
Posted on September 29, 2010 at 9:46amSo right, Wingedwolf. Back in the early ’70s, my cousin lost her husband in
a terrible car accident. They had three children under age 10, so she got a
very healthy Social Security check. At the time, she was making substantially
more than my husband who then worked 50 hours a week at the local packing
plant. Under the SS structure, kids of a widowed parent were also given free
college. So her first child went to a business school on the taxpayers. However,
further into the Reagan administration, that program was one which was cut.
That meant the second child just didn’t go to college. After her last child turned
18, my cousin was forced to get a job and drastically alter her lifestyle.
Social Security in its purest form was only intended as a SUPPLEMENT to
Report Post »old age income, not the whole enchilada! And originally I believe whatever
you had actually paid in was to be what you took out—nothing more. Over the years,
unlimited benefits, free higher education, etc. were added as the result of
election promises.
Goldenyears22
Posted on September 29, 2010 at 10:07amSo true, I see them everywhere spending money and saying, I can’t work, I have a bad back, my knees are bad, etc. Yet, they can do anything else they want to do. I know a person who is collecting for two years unemployment and he is working. There is so much fraud. If all these things were cut out. Recently a family didn’t have anything left to buy groceries, this is their third round on unemployment. He has bad knees. She ruined her mind on drugs, but could do some kind of work. They were helped by our church pantry. Will they stay on unemployment forever raising their children to believe everything in the world is free? I know that people sometimes need help, but they need to also work do something to earn their way. I do believe that most of the entitlement programs were created for certain political parties to get votes. They ruined millions in our nations. Even foreigners want to get on board to get freebees. As Obama’s aunt said, “Wonderful country, everything is free.”
Report Post »moelarrycurly
Posted on September 29, 2010 at 2:27pmHi wingedwolf –
Have you ever wondered why these massive, expensive bureaucracies were instituted? I mean seriously-Social security could have been replaced with a mandatory savings account. Only 1 out of every 5 dollars that goes into it ever reaches the beneficiary. The rest goes to feeding the bureaucracy. Once you take into account that a union was allowed in the government in the 60′s then it becomes clearer. Your taxed by your government, your taxed by your unions. The affiliation of the government or politicians with unions is a road to hell. They have been on the take for years. Even worse is that so so security was never intended to be taken advantage of. It has been used for little more than a slush fund for congress while raising the age that you could take benefits how many times? Then you start looking at the other agencies that service people who are on the government dole. It’s not just that people will tend to vote their welfare or so so security checks-It’s also that the employees who work for these agencies that service them, also vote their job and benefit package. And even worse-they are forced to give money to their union-and we all know the corruption that has brought.
Report Post »Try this: When you get your letter from so so security this year-take a look at what you have paid into the system for each year you’ve worked. Those are your explanation of benefits. Now take the same number for each year and add interest that you would have received from a savings account-let say 2% annually. You will be shocked at the difference. And just for fun-take the same numbers and plug in a return from a moderate investment-lets say 8-10% and you probably could have already retired. Other benefits would be that you could choose to leave your benefits to your children to supplement their retirements or your spouse-and the bureaucracy was already paid for-the people in the private sector who managed your money/retirement made a living on part of the interest. A small percentage-unlike 80% that the government takes. These things can be privatized and they can be done for much less (or no money) to tax payers…
As far as the other programs go-I don’t mind paying for someone who cannot work-I don’t want to pay for someone who will not take care of themselves. I have to take a drug test to work-why doesn’t anyone on welfare?
iceman35
Posted on September 29, 2010 at 9:25amThis is exactly where America is going if we continue to follow the Obama agenda.
Report Post »moelarrycurly
Posted on September 29, 2010 at 9:23amso this is what socialism looks like. The contrast between the violent, communist,socialist etc. Europeans trying to save their benefits and the peaceful citizens of the tea party USA trying to stop the progression toward socialization is telling. This is exactly what happens when you embrace the communist planks.You give control to somebody else and they will abuse their power…
Report Post »thestimulusmonkey
Posted on September 29, 2010 at 11:28amI do not consider myself a member of the tea party, but I wished the tea party also focused on politicians who are beholdent to the interests of corporate lobbyists who fund their campaigns. I think that is something BOTH parties can agree on. Politicians of all political strides need to represent their constituents interests, not corporate sponsors.
Report Post »Prospero
Posted on September 29, 2010 at 12:39pm“Corporate Lobbyists” are a symptom of a corrupt government. Once our government began exercising powers it has not been granted, such as creating outcome-based economic policies, it created a moral hazard.
Now, in order to remain competitive, corporations had to bribe government officials for pro “my company” legislation.
The Tea Party, or rather the public uprising against unbridled and criminal government power deals with the entire problem. And that is a government acting outside its Constitutional authority.
There is no “corporate” problem to deal with. There is only a government problem. When government is limited to its Constitutional powers, no benefit can be gained by lobbyists.
Report Post »moelarrycurly
Posted on September 29, 2010 at 6:54pmI’m with prospero on this one. The government has exceed it’s mandate. Historically you will notice how government interference in a ‘free’ market has hurt entire industries. In a free market-Good companies who pay high performance employees well (regardless of race, color, or lack there-of) tend to prosper. Cash for clunkers was a huge boondoggle-one that cost tax-payers far more than 3 billion. I addressed this in an interview with NPR radio when they visited my dealership during CFC. When asked what I thought of the CFC program I replied that it would: #1 It will be a great political tool-you could skew the numbers in several ways to demonstrate success. And indeed sales of new cars that qualified for the program sold out very quickly. However-the majority of the money went to foreign car companies who had an overstock of inventory languishing on their lots while the company I worked for (Ford) had slowed down production to just meet the demand and had no time to supply their dealers to meet the demand for CFC-we simply ran out of Focuses,Fusions and Escapes.#2 These were people who probably would have traded off their cars or sold them soon anyway. These cars would have continued to fuel the economy in other areas like service centers-almost all of these cars needed something whether its just tires or brakes or something more serious-the revenue lost to mechanics, tire stores, lube places etc would probably be much more than 3 billion in a very short period of time. # 3 then there is the type of person who needed that kind of car. typically-parents prefer their teens to drive something older and cheaper in case of accidents. or the college kid that needs basic transportation. or the young family that is living paycheck to paycheck. Poor people were the real losers. The ramifications of government interference will be felt for sometime to come.
Report Post »And they now have a hand in just about anything and everything…
jds7171
Posted on September 29, 2010 at 8:43pmYou can’t really blame the corporations either. They are doing what they do to survive. The taxes are so outrageous that they have to lobby and pay off the government so they can survive. Look at Europe. They have so much taxes that its practically impossible to start a business. Corporations are paying off government so they won’t die off. Once they figure out that paying off government doesn’t work anymore and the government keeps doing what it is doing, they will leave. I don’t blame them. I would have already moved my business and get out of here If I had one. Remember when beck said there is a waitlist to denounce your citizenship in the U.K. Those are the millionares that create these businesses that gives us jobs.
Report Post »thegr8restoration
Posted on September 30, 2010 at 1:31amHey THESTIMULUSMONKEY we do have concerns about corperat lobiest but you fail to mention union, enviornmentelist, ACLU etc. lobiest for the left. Reform must apply to all.
Report Post »cabnetdude
Posted on September 29, 2010 at 9:15amAll this and more…coming soon to a city near you. SEIU in the lead.
Report Post »JnKC
Posted on September 29, 2010 at 9:07amI certainly hope Americans read this and take warning. Nov. 2 is a good start on stepping forward before we end up exactly like the EU.
Report Post »adifftake
Posted on September 29, 2010 at 10:24amYou actually think that, things will change for the better after this years election? there is only one way to bring about real change, and it‘s not with a pledge by republicans who won’t even sign the pledge.
I heard Neil Cavuto put forth his plan that he would stand for after he becomes president. Check it out. At Neil Cavuto @ fox.news dot com. He is absolutely right.
There is a way to make it happen. First, remember all politics is local. So start in your neighborhoods. Get to know your neighbors and which ones believe honesty is the best policy. Convince that person to run for office. If someone does run for office we should not accept them as a candidate until they hand write a copy of the Declaration of Independence and the Constitution and take a test showing the have an understanding of what they both mean.
Then make a commitment to spend no less than one hour campaining door to door for that candidate.
Neil Cavuto should run for president. I would believe him much more quickly than a career politician.
In fact, politicians need not apply should be a bylaw of this effort. It says in the Constitution that those running should be of good character. I wish there were nothing in my past, I would certainly run. So those who put forth candidates should make double sure they are of high moral character.
Lastly a party should be chosen outside the establishment of republicans and democrats. I know what your saying, third parties never win. That is because those put forth in third parties are for the most part, one issue candidates. Fiscal sanity should be in the platform the kind Neil Cavuto speaks about in his Platform. And all candidates running in the party should be standing together.
Remeber the truth will set you free so always speak the truth, like govenor Christie.
Report Post »Cynic-clinic
Posted on September 29, 2010 at 11:53amThe time for European austerity was long ago when they poured massive amount of debt into social programs, welfare and jobs bills that were more effective at building voting blocks than helping industry provide jobs. Now they are paying the price.
Financial responsibility, or rather the lack of it, driven by socialism is at the core of the European problem and all of Europe will be destroyed unless they give up their fundamental idea that the State can control enterprise, markets and human behavior. And, let the United States learn this lesson because we’re next to crumble.
Report Post »ILFarmer
Posted on September 29, 2010 at 1:37pm6 years. That‘s what It’ll take to plug the hole in this ship. That’s assuming We The People vote in every Representative and Senator that will listen to The People and do what is right, not what is popular and not be corrupted in the process. It may take longer, or maybe the ones in there now will finally do what’s right.
Report Post »chdorb
Posted on September 29, 2010 at 9:06amLet them strike. If they put their selfish; money driven needs ahead of fiscal responsibility then the world is better off doing for themselves. It’s high time the threat of strikes was driven back. I’ll handle my own garbage, I’m better off without all the pills that are being rammed down our throats and I love to walk.
Report Post »Goldenyears22
Posted on September 29, 2010 at 9:56amAlmost positive that you would get a bill for garbage pickup even if you carried off your own garbage. And that they would bill you till you paid.
Report Post »Goldenyears22
Posted on September 29, 2010 at 9:58amDoctor’s striking, nationalized medicine. I have never heard of doctor’s striking. Is that what we can look forward to.
Report Post »paleoconservatarian
Posted on September 30, 2010 at 1:41amStriking doctors – Do no harm, do no good, do nothing until I get mine.
Society has bred an awful group of individuals.
Report Post »M.Witherington
Posted on September 29, 2010 at 9:04amI wonder what a Spanish Tea Party would look like?
Report Post »BQI
Posted on September 29, 2010 at 10:14amAmerica needs to wake up. This is our future and it could happen at any time. PLEASE read my article on how this could happen in America. “EXTRA: Obama Suspends Civil Liberties”
Black Conservative Blog: http://www.blackquillandink.com
Report Post »wciappetta
Posted on September 29, 2010 at 2:08pmHeres another report that fits right in with this one..Glenn should get this guy on his show
Recession not over till it’s over
By John Browne
Sunday, September 26, 2010
http://www.pittsburghlive.com/x/pittsburghtrib/opinion/columnists/browne/s_701201.html
The National Bureau of Economic Research says the worst recession since the 1930s that began in December 2007 ended in June 2009. Stock markets soared.
But most Americans and Main Street businesses continue to suffer severely. They find it impossible to believe that the recession is over. Even the Fed indicated that it was concerned at the continued evidence of recession.
So, how can official statistics and stock markets be so removed from the realities of daily life?
The truth is that the recession still is affecting most people. With unemployment rising, house prices are falling further and credit remains tight.
But if things are so bad for Americans, why have stock markets risen so much?
True economic growth is based on productivity, consumer demand and value-added job creation. Certain factors appear to have caused the markets’ rise. But they were not truly indicative of healthy economic growth.
The fact that August retail sales were strong is indicative of nothing more than back-to-school sales, boosted by steep retail discounts and tax incentives targeted at such buyers.
About 600,000 housing starts fanned further stock market gains. Investors overlooked the fact that new house sales, in July, were the lowest since recordkeeping on housing starts began.
Another false indication of economic growth has been the role of inventory replacement. At the height of the recession, businesses slashed inventories to all-time lows. Businesses had to restore inventories to stay in business. Together with the huge stimulus injections and subsidies to housing and automobile manufacturers, this added to the appearance of economic growth.
Statistics indicated that, since June 2009, the economy has been growing. However, the growth rate now is falling and the Fed is alarmed.
Wednesday last, Federal Reserve Chairman Ben Bernanke assured investors that the Fed is willing to ease monetary policy. Many investors felt this was an indication of further quantitative easing (increasing the money supply). With the promise of more liquidity, stock markets responded enthusiastically.
But with $1.2 trillion of excess bank reserves at the Fed showing that bank borrowing has stalled, it is remote that the Fed will engage in more politically unpopular quantitative easing.
Finally, stock markets appear to have been anesthetized to the massive sovereign debt problem by the apparent success of the European rescue package.
Three important points have been ignored.
• First, the whole package was a paper cover. The underlying problems of a Greek default still exist, as does the probability of several eurozone members being forced to abandon the euro, now the world’s second currency. Any failure of the euro would trigger an international currency catastrophe.
• Second, the recent successful auction of sovereign debt paper by some countries facing difficulties, such as Ireland, has given the false impression that the problem effectively is over.
• Third, the current calculation of national solvency, based on debt-to-GDP ratios, understates the problem dangerously. For example, debt assumes the public debt of the nation and GDP assumes the government commands the entire GDP of a nation for the service of its debt. Both of these key assumptions are wrong.
A government commands only that part of GDP it can capture in taxation, duties and the sale of treasury debt. Any fair calculation of GDP, in calculating national solvency, should include only those resources or revenues available to government rather than the nation’s entire production.
Debt should include all sources of effective debt, including government guarantees and unfunded obligations in addition to official treasury debt. If this definition of total debt is utilized in calculating ratios for the United States, the $13.6 trillion of official Treasury debt becomes $134 trillion.
By dividing the true U.S debt by the estimated government revenue share of GDP, the conventional debt/GDP percentage of 50 percent becomes a staggering 350 percent, making the United States technically more insolvent that any other major Euro-American nation, including Greece.
While some positive economic maneuvering appears on the horizon, the facts both domestically and internationally suggest that the recession hasn’t gone anywhere. The global economy has a long way to go before economic prosperity can begin to return.
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