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Executive Summary – Riots and demonstrations have popped up all over Europe this week. The various governments are trying to control debt and spending and are reducing jobs and benefits. There was a general strike in Spain. Greek bus drivers walked off the job. Unions say a crowd of 100,000 marched on EU headquarters in Brussels.
Europe already has 23 million unemployed and this will make it higher as jobs are cut. Spain has a 20% unemployment rate. Retirement age will be increased, unemployment benefits which can hit four years is going to be cut along with other social programs. So this is another case of the bankers doing stupid things, making obscene profits and then expecting the people to bail them out while they ride around on their private jets. The people are not really buying into it anymore are they? In passing the only real bad economic situations are in the EU and North America. The rest of the world has long since recovered from the financial crisis.
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