The comeback continent

[Skybird]

http://www.spiegel.de/international/0,1518,druck-528002,00.html

In short, Europe continues to be a big-government sort of place. And that's why it's important to get the real story of the European economy out there.

According to the anti-government ideology that dominates much US political discussion, low taxes and a weak social safety net are essential to prosperity. Try to make the lives of Americans even slightly more secure, we're told, and the economy will shrivel up -- the same way it supposedly has in Europe.
But the next time a politician tries to scare you with the European bogeyman, bear this in mind: Europe's economy is actually doing O.K. these days, despite a level of taxing and spending beyond the wildest ambitions of American progressives.

[Wave Skipper]

terminated

[Tchocky]

I know Europe liked to imagine itself as a continent back when it ruled over the dusky men with its 'white man's burden'. Yet, Greenland is a better continent than Europe. One day Europe will get a lesson in this when it realizes that there is nothing standing between it and China's 1.3 Billion and Indians billion+'s, except those poorly utilized farm fields in Russia.
Oh no! Foreigners!

I like being a European :)

[SUBMAN1]

I find that funny. Your idea of an economy doing OK is an economy that is not going backwards, but one with on 1 or 2 percentage point gains. Sad. America adds another Saidi Arabia in economy every month, and what exactly are the Europeans doing? Adding an Ethiopia? We are over double the gains of what Europe has.

This is what Americans don't want - a pathetic state of growth.

I guess this is another Skybird feel-good thread is all.

-S

[Kapitan_Phillips]

I know Europe liked to imagine itself as a continent back when it ruled over the dusky men with its 'white man's burden'. Yet, Greenland is a better continent than Europe. One day Europe will get a lesson in this when it realizes that there is nothing standing between it and China's 1.3 Billion and Indians billion+'s, except those poorly utilized farm fields in Russia.


Well Europe has a country called Great Britain. Great Britain. :rock:


:arrgh!:

By the way, isnt Greenland actually white? :rotfl:

[XabbaRus]

Huh, what has Greenland got? A few eskimos and polar bears.
Wave Skipper could I have some of what you have...?

[SUBMAN1]

Why is Greenland called Greenland? All they've got is a bunch of ice! :D

[Skybird]

The snooty attitude of some guys replying in this thread is exactly what the (American!) author of that essay is adressing, and deserves no serious attention. The article has been first printed in the NYT.

[SUBMAN1]

I love it when people disgree with you! :D Attack attack attack!!

:/\\x:

Too bad your article is just that - a feel good article for Europe.

[Sailor Steve]

Well Europe has a country called Great Britain. Great Britain. :rock:
That's only because back before old King John gave it away, the territory of Brittany was called 'Less Britain'.:p

By the way, isnt Greenland actually white? :rotfl:
Not now that the glaciers are melting.:rotfl:

[Jimbuna]

Why is Greenland called Greenland? All they've got is a bunch of ice! :D

Does thet mean Germany is full of germs, or Poland is full of poles (the wooden variety) :lol:

[AntEater]

Medieval war period.
When Vikings colonized Greenland around 1000 (AFAIK) the southern part was pretty green. In 1500 the whole colony had died.

Re the Article, I agree with it. Right now, Europe (and Germany) is doing quite well, despite the best efforts of our politicians... ;)
Modest growth is better than a bursting bubble. Incidentally, the reason why Germany's economy is not growing faster is the decline of the US Dollar.

[SUBMAN1]

...Re the Article, I agree with it. Right now, Europe (and Germany) is doing quite well, despite the best efforts of our politicians... ;)
Modest growth is better than a bursting bubble. Incidentally, the reason why Germany's economy is not growing faster is the decline of the US Dollar.Yeah, that might hurt you guys a bit since we will tend to manufacture more over here because of it, and it makes your products expensive. The problem is though, your increases have only been increases at the 0% to 2% range for years, long before the slide of the US dollar.

If I had to guess, it is the fault of the ever climbing Euro as to your slow growth.

-S

[Kapitan_Phillips]

Medieval war period.
When Vikings colonized Greenland around 1000 (AFAIK) the southern part was pretty green. In 1500 the whole colony had died.


As the great Al Murray would say:

"They didnt think it through."


Another example:

Regarding Jean Paul Sartre (1905-1980):

"Hell is other people"

Al's response:

"Oh yeah? Fact is, Jean Paul Sartre here has made a cardinal error. Thing is, he was French, so his only experience of other people was French people, so little wonder he arrived at this conclusion.

If he had simply got out more and visited, say, Britain, he might have discovered that Hell isn't other people, but is infact France. Think it through, Jean Paul, get a little perspective mate. If he'd said "Hell is French People" he would have caused little argument. Jean Paul also went on about how the universe is a figment of your own imagination, but that's b0llocks becauseif I had imagined the universe, I would have imagined it without France in it - and therefore not old JPS himself the whimpering git.

Think it through! And lets not forget, the French word for 'think' is 'ponce'"

:rotfl:

Great book Murray has brought out :rotfl:

[SUBMAN1]

By the way, all your welfare prgrams probably also further drag down your growth rate. Forgot to mention that.

-S

[Wave Skipper]

terminated

[fatty]

I was talking about its over all geological structure. It is just a part of Asia. Greenland has nothing but rock and ice, but geologically it is a large land mass surrounded by ocean. Back when I was a kid we were taught that Europe was a continent. Even as a kid I'd look at the map and wonder: "Is like Western Russia under water or something?" Europe was the leader in science during the time the science about geography was being developed. OF COURSE Europeans - being tops back then - didn't want to list their landmass as a peninsula. Australia is a real continent - and what does it have? Yes, Australia is one of the finest sceintific proofs that when large asteroids slowly hit earth they always land bad side up. And yes it does not have a huge, huge economy (none of this is any reflection on their people - some of the finest in the world - and I mean that!), but Australia is a continent because its huge and its srrounded by water. South America, North America and Africa are huge and MAINLY surrounded by water. Eruope is not much bigger than India and no one called India a continent. (Greenland is not that large and so no it is not stricly speaking in the same legue.)

SO my point was that European scientists had the bighead back in the 1700s or when ever it was that they made mapes of the world and they made a special exception for themselves - that should today be corrected. Hence my use of the Asian threat. As it is possible in the future (distant future) Asian hordes coming over land would remind Europe that they are part of Asia's land mass.

You don't need your very own continent to be powerful and rich, look at Britain and Japan.

Water is not the only thing that seperates land. Mountains, gorges, deserts, etc. all do too. In Europe's case, its eastern border is not abitrarily defined, but instead runs along the range of the Urals.

Anyway, thanks for posting the article Skybird, glad to hear Europe is doing better than some would like to think. I always thought slow, moderate growth is better than explosive, unstable, and unsustainable growth. Kudos, Europe!

[mrbeast]

By the way, all your welfare prgrams probably also further drag down your growth rate. Forgot to mention that.

-S

Yep it may well do but then again I'm not bankrupt if I find out I've got cancer, or if i have an accident I can go to any casualty department and not get turned away because the hospital is not listed on my health insurance card.

NHS :cool:

[Tchocky]

I find that funny. Your idea of an economy doing OK is an economy that is not going backwards, but one with on 1 or 2 percentage point gains. Sad. America adds another Saidi Arabia in economy every month, and what exactly are the Europeans doing? Adding an Ethiopia? We are over double the gains of what Europe has. The US economy is certainly growing faster than that of Europe, but that's not the only variable to consider. Income inequality in the US has never been higher, almost twice that of some European countries. That's where welfare state systems can be seen to have an effect.

This is what Americans don't want - a pathetic state of growth. And good luck to them. However, I wouldn't want a striking growth rate alongside inflation, inequality and unacceptable debt. Balance is key.
Regarding "pathetic growth", 2% is respectable, even more so if it is sustainable. European economies tend to be slower-moving than the US, resulting in flatter booms and soft-landing recessions (exception in point, Ireland at the turn of the century). This is due to rather large differences in both the ideology and infrastructure of the two areas, with benefits and disadvantages on each side. You nailed it youself, the two want different things, as is only natural.
The problem arises when the idea of EU vs US gets into somebody's head, resulting in rather mismatched comparisons that don't get off the ground, such as Saudi Arabia/Ethiopia.
I guess this is another Skybird feel-good thread is all. Don't be so harsh.

By the way, all your welfare prgrams probably also further drag down your growth rate. Forgot to mention that.

-S
Yep it may well do but then again I'm not bankrupt if I find out I've got cancer, or if i have an accident I can go to any casualty department and not get turned away because the hospital is not listed on my health insurance card.

NHS :cool:
My brother lives in Lancaster, and I chipped a tooth on a night out while visiting him. Next day we went to look for an NHS dentist, I had it repaired the day after that.
NHS :cool: indeed

[STEED]

Well Europe has a country called Great Britain.

Which is a anagram for Standard Britain. :damn:

[SUBMAN1]

Yep it may well do but then again I'm not bankrupt if I find out I've got cancer, or if i have an accident I can go to any casualty department and not get turned away because the hospital is not listed on my health insurance card.

NHS :cool:Uhh... Is that how they sell you on your healthcare system over there? Just a little tidbit - they are wrong, or you are wrong, one of the two.

A hospital is not able to turn away an emergency patient, regardless if they don't even have insurance over here. (talk to the illegals, they know this well - they never pay for healthcare either)

There are restrictions on some insurance plans that limit where you can go by how much they will compensate. On a plan like this, instead of coverage at 100% persay, they would only cover 80% if you insisted to go to this specific hospital for a said particular treatment. So, you have a choice - pay through the nose at picking up 20% of the bill, or do what your insurance company asks.

Hopefully this gives you a better idea how things work across the pond.

-S

[SUBMAN1]

The US economy is certainly growing faster than that of Europe, but that's not the only variable to consider. Income inequality in the US has never been higher, almost twice that of some European countries. That's where welfare state systems can be seen to have an effect.Do you have any idea why the income inequalities are growing faster over here than Europe? Try illegal aliens. ALl 12+ million of them. That is a true statement if you include them. Remove them from the equation and we probably have equal or lesser rates than Europe.

And good luck to them. However, I wouldn't want a striking growth rate alongside inflation, inequality and unacceptable debt. Balance is key.
Regarding "pathetic growth", 2% is respectable, even more so if it is sustainable. European economies tend to be slower-moving than the US, resulting in flatter booms and soft-landing recessions (exception in point, Ireland at the turn of the century). This is due to rather large differences in both the ideology and infrastructure of the two areas, with benefits and disadvantages on each side. You nailed it youself, the two want different things, as is only natural.
The problem arises when the idea of EU vs US gets into somebody's head, resulting in rather mismatched comparisons that don't get off the ground, such as Saudi Arabia/Ethiopia.I have yet to see you not hit as hard as we do. Our recessions include an increase in GDP funny enough too, so I think the idea of a recession in Americas eyes is much different than Europe - we all get ticked off when our investments aren't growing as much - 1% to us is a recession, where you're idea of one is going backwards. 2% in my book is nothing to write home about. 4% is, and 5% is great. We normally have those numbers after you look at the yearly totals.

Yep it may well do but then again I'm not bankrupt if I find out I've got cancer, or if i have an accident I can go to any casualty department and not get turned away because the hospital is not listed on my health insurance card.

NHS :cool: See my above post. You guys have no clue how our health system works.
My brother lives in Lancaster, and I chipped a tooth on a night out while visiting him. Next day we went to look for an NHS dentist, I had it repaired the day after that.
NHS :cool: indeedSame here, but I also have a dentist with the latest modern equipment - the best money can buy.

[Happy Times]

I find that funny. Your idea of an economy doing OK is an economy that is not going backwards, but one with on 1 or 2 percentage point gains. Sad. America adds another Saidi Arabia in economy every month, and what exactly are the Europeans doing? Adding an Ethiopia? We are over double the gains of what Europe has.

This is what Americans don't want - a pathetic state of growth.

I guess this is another Skybird feel-good thread is all.

-S

The current economic outlook for both the near-term and long-term future look positive, based on assessments made by The World Economic Forum that has declared Finland to be the most competitive country in the world for three consecutive years (2003–2005) and four times since 2002.

In recent years there has been national focus on innovation and research and development, with special emphasis on information technology. Finland was ranked 3rd most innovative economy in 2006 by the European Innovation Scoreboard (EIS), with scores well above that of the EU25 average and the United States.[3]

http://en.wikipedia.org/wiki/Economy_of_Finland

[STEED]

bear this in mind: Europe's economy is actually doing O.K. these days, despite a level of taxing and spending beyond the wildest ambitions of American progressives.

Well there is this...........

Europe struggles to avoid effects of a U.S. downturn

This old question is being asked with new urgency across the Continent, after a startling divergence this week in how the European Central Bank and the Federal Reserve are reading the economic tea leaves.
The answer, according to a growing number of economists, is that Europe is not as insulated from America's woes as many Europeans would like to believe. They question why, at such a fragile moment, the European Central Bank is warning that it might raise interest rates.


http://www.iht.com/articles/2008/01/11/business/euecon.php (http://www.iht.com/articles/2008/01/11/business/euecon.php)

[SUBMAN1]

The current economic outlook for both the near-term and long-term future look positive, based on assessments made by The World Economic Forum that has declared Finland to be the most competitive country in the world for three consecutive years (2003–2005) and four times since 2002.

In recent years there has been national focus on innovation and research and development, with special emphasis on information technology. Finland was ranked 3rd most innovative economy in 2006 by the European Innovation Scoreboard (EIS), with scores well above that of the EU25 average and the United States.[3]

http://en.wikipedia.org/wiki/Economy_of_FinlandThis is mostly true. Finland was ranked high. I expect them to have a good upswing too. Hopefully you guys can carry some of the EU weight on your backs.

-S

[mrbeast]

Yep it may well do but then again I'm not bankrupt if I find out I've got cancer, or if i have an accident I can go to any casualty department and not get turned away because the hospital is not listed on my health insurance card.

NHS :cool:Uhh... Is that how they sell you on your healthcare system over there? Just a little tidbit - they are wrong, or you are wrong, one of the two.

A hospital is not able to turn away an emergency patient, regardless if they don't even have insurance over here. (talk to the illegals, they know this well - they never pay for healthcare either)

There are restrictions on some insurance plans that limit where you can go by how much they will compensate. On a plan like this, instead of coverage at 100% persay, they would only cover 80% if you insisted to go to this specific hospital for a said particular treatment. So, you have a choice - pay through the nose at picking up 20% of the bill, or do what your insurance company asks.

Hopefully this gives you a better idea how things work across the pond.

-S

46 million Americans without health insurance.

60 million British citizens (ie the whole population) with health care.

What happens to Americans who have no health insurance or are under insured?

Answer: they either pay up or they die. But I guess thats what you would call freedom of choice. You could argue that people in Cuba enjoy better health care than those 46 million Americans.

The whole point of the NHS is that people don't 'sell me health care' its dispensed according to my need and not my ability to pay.

[Tchocky]

Do you have any idea why the income inequalities are growing faster over here than Europe? Try illegal aliens. ALl 12+ million of them. That is a true statement if you include them. Remove them from the equation and we probably have equal or lesser rates than Europe.Immigration (both legal and illegal) is a factor in rising inequality, as is falling union membership. But I very much doubt that illegal immigration is responsible for all of the disparity, seeing as the US model has a built-in tendency towards higher inequality than the EU. When comparing US and EU, keep in mind that the overall economic ideology of the US includes a higher level of ineqaulity as an immediate result, whereas the model adopted by many EU countries seeks to rectify inequality. Different strokes, etc. Just like Europe has a higher natural rate of unemployment, the US has higher inequality.

I have yet to see you not hit as hard as we do. Our recessions include an increase in GDP funny enough too, so I think the idea of a recession in Americas eyes is much different than Europe - we all get ticked off when our investments aren't growing as much - 1% to us is a recession, where you're idea of one is going backwards There are not different ideas of a recession in different countries, it is a term with a definition. A positive-growth recession? A recession is negative growth for two consecutive quarters. 1% is not a recession, it is slow growth.
If people start calling 1% growth a recession, that doesn't change the meaning, it just means they are wrong.
2% in my book is nothing to write home about. 4% is, and 5% is great. We normally have those numbers after you look at the yearly totals. Again, there are other factors than GDP growth to consider. But you're right in general.
Given the differences between the two blocss, on the upswing of the business cycle the US will usually be growing faster than the EU. That's where both economies are growing to plan, and again doesn't lend itself to comparison.

[mrbeast]

I know Europe liked to imagine itself as a continent back when it ruled over the dusky men with its 'white man's burden'. Yet, Greenland is a better continent than Europe. One day Europe will get a lesson in this when it realizes that there is nothing standing between it and China's 1.3 Billion and Indians billion+'s, except those poorly utilized farm fields in Russia.

I wonder what your post have to do with our social security and the rest of Skybirds post? :-?

I was thinking the same thing.

[SUBMAN1]

46 million Americans without health insurance.

60 million British citizens (ie the whole population) with health care.

What happens to Americans who have no health insurance or are under insured?

Answer: they either pay up or they die. But I guess thats what you would call freedom of choice. You could argue that people in Cuba enjoy better health care than those 46 million Americans.

The whole point of the NHS is that people don't 'sell me health care' its dispensed according to my need and not my ability to pay.Read my post at the top of this page and you will have your answer. Having no insurance in this country means nothing. THat simply means the rest of your insured people pay the bill for them - with higher rates. That is what it means.

I do find it humorous that you think we die over here given no health insurance! I could only wish since that would mean all the illegal aliens would go home.

-S

[SUBMAN1]

...Just to answer some basic things - what I refer to on recession is that it starts out that way you describe it, but when you analyze the numbers at the end of the year, the recession didn't happen the way the news reports it. Maybe it went down for 2 quarters, but all that ground is made up and then some the following two. THis is what I am referring to and it happens constantly for recent memory. THe news will obviously say something different to sell stories however.

Also - the illegals with an immigration right now of 4 million per year can been shown to chock up the majority of the inequality in America. This doesn't account for all of it, but most of it. 4 million of them a year is just nuts and someone needs to kick them back out.

-S

[Tchocky]

...Just to answer some basic things - what I refer to on recession is that it starts out that way you describe it, but when you analyze the numbers at the end of the year, the recession didn't happen the way the news reports it. Maybe it went down for 2 quarters, but all that ground is made up and then some the following two. If there is negative growth for 2 consecutive quarters, then the economy is in recession. If there is positive growth later, then the economy can be said to have recovered. There aren't any recessions that "maybe" involve negative growth, that's like saying there are some horses that might be hot-air balloons.
Also, if the economy is slowing down, and someone labels it a recession, they are very wrong. However, the r-word tends to get picked up and thrown around, even when an economy is doing fine.
THis is what I am referring to and it happens constantly for recent memory. THe news will obvoisly say something different to sell stories however. Economies tend to go through recessions, or periods of slow-to-negative growth around every ten years.
Economic reporting is, to be honest, pretty dreadful.

[SUBMAN1]

If there is negative growth for 2 consecutive quarters, then the economy is in recession. If there is positive growth later, then the economy can be said to have recovered. There aren't any recessions that "maybe" involve negative growth, that's like saying there are some horses that might be hot-air balloons.
Also, if the economy is slowing down, and someone labels it a recession, they are very wrong. However, the r-word tends to get picked up and thrown around, even when an economy is doing fine.
....

Economies tend to go through recessions, or periods of slow-to-negative growth around every ten years.
Economic reporting is, to be honest, pretty dreadful.That is a good summary and I agree with it. Pretty much what I mean.

-S

[mrbeast]

Well ok, die was a bit extreme, but health bills are the number one cause of bankruptcy in the US. So most people, rationally prefer pauperisation to death.

Just doesn't happen in the UK though.

It could be argued that illegal aliens in the US actually benefit the US economy by acting as a large store of cheap labour which in turn keeps the price of production down and therefore the price of certain products (eg farm produce). Would be interesting to calculate the effect that the removal of this invisible workforce, would have on the US economy.

[Tchocky]

http://www.spiegel.de/international/0,1518,druck-528002,00.html

In short, Europe continues to be a big-government sort of place. And that's why it's important to get the real story of the European economy out there.

According to the anti-government ideology that dominates much US political discussion, low taxes and a weak social safety net are essential to prosperity. Try to make the lives of Americans even slightly more secure, we're told, and the economy will shrivel up -- the same way it supposedly has in Europe.
But the next time a politician tries to scare you with the European bogeyman, bear this in mind: Europe's economy is actually doing O.K. these days, despite a level of taxing and spending beyond the wildest ambitions of American progressives.
I like Paul Krugman, he's an economist who knows how to write clearly, which is by no means common!
On foreign policy he sometimes irritates me, but in his own field he's hard to fault.

[SUBMAN1]

Well ok, die was a bit extreme, but health bills are the number one cause of bankruptcy in the US. So most people, rationally prefer pauperisation to death.

Just doesn't happen in the UK though.

It could be argued that illegal aliens in the US actually benefit the US economy by acting as a large store of cheap labour which in turn keeps the price of production down and therefore the price of certain products (eg farm produce). Would be interesting to calculate the effect that the removal of this invisible workforce, would have on the US economy.Yep, but what you are forgetting is that insurance is a choice in AMerica. You are not denied insurance. People choose not to have it. Families that do this can go bankrupt, and bankruptcy used to be the way out of your poor planning.

Bankruptcy over here is not a case where they take everything away from you either. You won't be able to keep the million in the bank though if you declare it, but they won't take every last red cent from you either. THis is your own fault.

If you can't afford the insurance due to poverty, they even give you welfare and medicare to cover it! So I don't buy that argument that people are uninsured. If you're an old man or lady, you again get medicare, so again, you are insured.

Then again, some bleeding heart will have problem with this too, saying that man or woman should be insured regardless that they chose not to. When I was in my 20's, I wasn't insured either, and there was no way I would cut into my party money - but this was my choice back then, just like it is theirs now. And if they don't want it, then its not my fault that they get hurt and might go through bankruptcy when they don't have anything for the bankruptcy court to take in the first place - so no loss on their part!

Peoples poor planning is not the fault of the government. It is not like someone didn't educate them on the subject. It is a case of choice!

-S

[MothBalls]

Won't see it in my lifetime, but hopefully one day we'll realize were all citizens of one planet. Borders are nothing more than lines on a map.

[SUBMAN1]

Won't see it in my lifetime, but hopefully one day we'll realize were all citizens of one planet. Borders are nothing more than lines on a map.That would be great, but forget about it since there is always someone that wants your land, your possesions, and will want to take them from you forcefully. THis is why you have borders - birds of a feather tend to flock together.

-S

[mrbeast]

So what happens if your insurer refuses to pay up?

[August]

Won't see it in my lifetime, but hopefully one day we'll realize were all citizens of one planet.

That's when the real war will start. :yep:

[Wave Skipper]

123456

[Jimbuna]

True :yep:

[SUBMAN1]

So what happens if your insurer refuses to pay up?Why wouldn't they? The only time they won't is if you're such a blockhead and opt for an experimental proceedure that costs $500K without clearing it with them first. They will tell you straight up if they will pay, and if a proceedure is normal, they have no choice by law. Trust me, tha alternative to refusing to pay will probably cost them 10x over or more, so you don't hear of too many refusing to pay! :D

When you have an insurance policy, you have a contract that they are legally bound to.

-S

[Skybird]

You're a piece of mind, Subman. And so innocent...

[Wave Skipper]

123456

[Tchocky]

Then I see continents all over the fricken world - certainly India that is walled off to the north. Heck I think Utah much be one.
India is generally considered to be a subcontinent. I used to be seperate, then crashed into Asia, creating the Himalayas.

I guess Europe is a rather large peninsula, yet historically and culturally could be considered a continent. Geologically, there are many differences between Europe and Asia, delineated by the Urals

[heartc]

So what happens if your insurer refuses to pay up?Why wouldn't they? The only time they won't is if you're such a blockhead and opt for an experimental proceedure that costs $500K without clearing it with them first. They will tell you straight up if they will pay, and if a proceedure is normal, they have no choice by law. Trust me, tha alternative to refusing to pay will probably cost them 10x over or more, so you don't hear of too many refusing to pay! :D

When you have an insurance policy, you have a contract that they are legally bound to.

-S
What you fail to realize, SUBMAN1, is that in Germany, and maybe most of Europe, private insurance companies - even though bound by law, which includes how to secure the savings - are viewed upon with much distrust and superstition by the people, who would much rather prefer to believe in the nanny state that *makes* the laws and...ahem...has never short-changed or lied to them, or something along these lines. Gota ask someone else because I don't quite get it either.

What adds to this problem is that only in recent years there is an increased unified understanding in all parties (except the 100% commies) that a shift towards more private insurance is a vital neccessity and cannot be argued against anymore in political campaigns to win elections, lest one was totally irresponsible. This means only now people are beginning to look into private insurance matters more in-depth. Problem is you still send around 30-40% of your income into different holes of the nanny state and are taxed to death by various means. Makes it tough for many to put an additional amount of money into private insurance.

Had common sense arrived earlier, and irresponsible left and even conservative parties stopped trying to win elections by lieing to the people about the pension and health care systems, that shift would be a lot easier now.

[GlobalExplorer]

Well I think Europe is doing ok at the moment, though there is still a lot of fear of globalization, and it is founded. China and India are growing rapidly but I expect they will run into the same problems sooner or later. When the Chinese will get to know unemployment and the need to provide modern standards of living for 1.5 billion people the European countries with their small, highly educated population could have the last laugh.

Concerning the US, they must lower their deficit. The dollar has been on a low forever and following the usual cycle it should have swung around already, but it seems to plummet even further. That means the markets have lost trust with the US economy. I also think it will have concequences if they keep spending the biggest part of their budget for defense and almost nothing for their people.