The people of Great Britain have had enough of the European Union and its growing financial difficulties. In fact, according to a recent poll, if they had a choice in the matter, the British would leave the EU as soon as possible.
Europe’s crisis took a dramatic turn for the worse with the sudden awareness, reflected by a steep increase in government bond yields, that the Italian economy may soon be on the financial chopping block alongside those of Greece, Portugal, and Ireland.
Twenty months have passed since the citizens of Switzerland voted to amend their constitution and ban the future construction of Muslim minarets, but only in recent days has it become clear that the will of the Swiss people may be allowed to stand.
The notion that government can keep robbing Peter to pay Paul indefinitely was always unrealistic. The creation of “entitlements” did not happen in America under FDR, as many people think. Bismarck, the Iron Chancellor of militaristic Imperial Germany introduced old age pensions, workers compensation, and related state programs in an effort to placate German socialists, which were a major power in German politics.
There is a theme to news stories about the PIGS (Portugal, Ireland, Greece, and Spain) in the last few years: Rosy projections always turn out worse than expected. So it's of little surprise that Reuters announced on July 11 that the recession in Greece is worse than the “experts” had predicted.