US Action News

If you thought the euro would help Europe, you thought wrong. The Euro made a disaster in Spain, Portugal, Ireland, Greece, and Italy. It’s time to abandon that failed idea.

Other than four ousted governments, Troika imposed governments in Greece and Italy, huge budget misses in Spain, increased protectionist measures in France, border controls, bickering between the ECB and the German Central Bank, the Bundesbank proclamation “Not ECB’s Job to Tackle Spain’s Problems”, Europe is holding together quite nicely.

In the European Parliament MEP Farage says it’s all over but the crying for the European Union. “Mercifully, outside of this institution, economists the world over now say it is inevitable that the Euro will break up. It is just a question of how. and I really hope that the IMF now decide to stop pouring good money after bad into these bailouts. and I really do hope that not one penny piece more of British taxpayer’s money goes into propping something up that should be allowed to die.”

Americans should pay close attention to what is going on in Europe, because this is what it looks like when a debt party ends. Most of the nations in the eurozone have just started implementing austerity, and yet unemployment in the eurozone is already the highest it has been since the euro was introduced.

“It looks odds-on that eurozone GDP contracted again in the first quarter of 2012, thereby moving into recession,” said Howard Archer, chief European economist at IHS Global Insight. – BBC News

The euro crisis has eased after the European Central Bank last month boosted liquidity through three-year loans to banks, while European Union leaders this month sealed a second Greek bailout package. – Bloomberg.com

Social Democracy’s goal (to which much of Europe’s right also subscribes) was to use the state to realize as much economic security and equality as possible, without resorting to the outright collectivization pursued by the comrades in the East. In policy-terms, that meant extensive regulation, legal privileges for trade unions, “free” healthcare, subsidies and special breaks for politically-connected businesses, ever-growing social security programs, and legions of national and EU public sector workers to “manage” the regulatory-welfare state — all of which was presided over by an increasingly-inbred European political class (Europe’s real “1 percent”) with little-to-no experience of the private sector. – American Spectator

Will your drugs cost more to pay for drug companies losses in Europe?

Many are warning us including Obama’s own debt commission. Obama continues to ignore the obvious consequences of multi-generational debt. It’s almost as if he really wants America to crash and burn.

Tens of thousands protested in Athens, where there were widespread clashes and buildings were set on fire. Violent protests were reported in cities across the country. – BBC News