– May 2010: Greece receives an initial €110 billion bailout
– November 2010: European governments bail out Ireland to the tune of €85 billion
– January 2012: Second €145 billion Greek bailout deal announced
– November 2012: Spain borrows €37 billion to restructure four of its weakest banks
– March 2013: Cyprus narrowly avoids exiting the euro, securing a €10 billion loan
Who’s next? That question seems to be on everyone’s mind as the fundamentals under the eurozone appear weaker and weaker with every new bailout; what country will the European Financial Stability Fund provide “stability” to next?
Meanwhile youth unemployment in Greece is over 60 percent, with Spain not far behind at 55 percent. Nearly 4 out of every 10 young Italians and Portuguese are unable to find a job, as well as 3 out of every 10 Irish. Young jobseekers in France are struggling too, with 1 in 4 being unemployed. Slovenia and Cyprus are in the same boat – or should we say life raft?
The old continent is facing a crisis on multiple levels and much of it can be traced back to the behemoth known as the European Union – or, as I like to call it, the European Soviet Union (see here). I won’t go over the catastrophe of the single currency again as I don’t want to repeat myself. Still, much more remains to be said about the ongoing crisis in Europe, the central question being: where do we go from here? Needless to say, the power-hungry EU bureaucrats’ solution is more “harmonization” i.e. more power in their hands to exercise still further control over the people. Never mind that the incessant centralization of power in Europe is at the very heart of the problem.
The European Union was supposed to bring “peace, prosperity, education, justice” and whatever other rosy buzzwords politicians and EU advocates could dream up. Today it is obvious that it has done a lousy job at that. From Athens to Madrid, people are taking to the streets to voice their discontent with the EU overlords that want to control every aspect of their lives while dodging taxes and receiving generous pay and benefits.
Considering the growing hatred of and intolerance towards immigrants, the flaring up of anti-Semitism in countries like Hungary and German Chancellor Angela Merkel recently being portrayed as Hitler by Greek protesters; to claim that Europe has become more peaceful since the inception of the EU would be quite a stretch. Much of this, it can be argued, is due to the economic misery evidenced by the aforementioned statistics. The initial increase in (fake) prosperity artificially created by the policies devised in Brussels came to an abrupt halt years ago.
As far as education goes, let’s hope the current crisis will stimulate young people to educate themselves in an effort to better understand why they are struggling to find a job and make a living. This kind of education might well turn out to be more important than anything they could ever hope to learn in college. The word justice is unlikely to come up in any scrutiny of the workings of this tyrannical system we call the European Union.
Martin Schulz, member of the European Parliament, was quoted by Reuters as saying: “If we have €700 billion to stabilize the banking system, we must have at least as much money to stabilize the young generation in such countries [referring to Spain]”. Well guess what Mr. Schulz? We don’t have that money. In fact we never even had the first €700 billion to begin with! The last thing we need to remedy this problem is for the European Union to step in and “solve” the issue. All we need the government – whether national or supranational – to do is to get out the economy and get out of our lives. Doing more of the same while expecting different results is what Einstein rightly defined as insanity.
“Union” is not exactly the first word that comes to mind in describing current events in Europe. The EU is the brainchild of a small elite and has never enjoyed the widespread support of the European people. More recent events must lead even the staunchest supporters of European integration to have serious reservations as to the feasibility of this grand European experiment. The fate of that experiment will be sealed by the people deciding whether or not to put up with playing the role of guinea pigs.