Tuesday, October 9, 2012

When Ponzis Collapse

Quote of the day from Jeremy Warner commenting on Fabio Pammolli's research:
As is only too apparent, much of Europe is incapable of supporting its present pensions and healthcare promise. Herb Stein, one time economic adviser to President Nixon, famously remarked that if something cannot go on for ever, it will stop. 
In Europe, stopping is going to make the present outbreak of economic, social and political instability over deficit reduction look like a stroll in the park. We are only in the very early stages of Europe’s wider fiscal crisis. There is still much worse to come, regardless of whether the euro survives or not. 
It might be said in defence of the single currency that it has at least forced countries to make a start on the sort of structural reform that one way or another is bound to come. 
...Europe is set on a five to 10-year period of nil growth, falling living standards and brutally disappointed expectations. All that Europeans can look forward to once the present phase of austerity comes to an end is yet more austerity.
Puts the 'debate' about primary care centres in perspective.

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