Once you get past the frightening gravity of what is being said, the following video clip is actually very funny.
This explains in part my pessimism on the strength and endurance of the 'recovery'.
Hat Tip: Greg Mankiw
Thursday, May 27, 2010
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You know what's really scary here? Ireland and Portugal. Ireland has a population of about 4.5 million and owes $865,000,000,000. Portugal is in much the same situation (small population, huge debt).
The point being Ireland and Portugal with their tiny populations can only have, under the best of conditions, so much productivity. Greece crashed and burned (again low population, small GDP relatively speaking) with a 365 billion debt. There is no way in Hell these economies can even service their debts, especially if they try to maintain their cradle to grave welfare status.
Ladies and gentlemen, we are in trouble. You remember the old adage if you owe a bank 10 grand and can't pay, you've got a problem. If you owe a bank 10 mil and can't pay, the bank has a problem. We've got a problem, and that problem is obviously the welfare state.
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