Biderman-Why I am betting against Europe
Biderman on Europe.
Europe is in big trouble, and the trouble is getting worse, much worse listening to all the news lately. Why it is getting worse is that it is now apparent that neither the left nor the right has a workable solution to the two major Europeans issues, overspending and declining economic activity. By the left, I mean the existing political structure of government dominated economies. By the right, I mean a German style austerity program.
In my opinion the real problem is that the creation of the Euro in 2000 has allowed each member of the Eurozone to spend more than it makes regardless of what actually is going on in the local economies.
What Europe spends big bucks on is cradle to grave support by the state. The prevailing belief is that everyone deserves to be taken care of. The key word here is DESERVES. Therefore, borrowing to pay bills even if you cannot afford to pay back the debt is obviously the JUST way to go. Video below.
Full article here.