In a news story today, it was revealed Spain is enacting austerity measures which include 5% pay cuts for government sectore employees.

Oh...oh..how the whining is growing.. and the blaming.

"We didn't cause the crisis, so why should our pay be cut"..PROTTESSSST.

But wait... did they? or Didn't they? and even if they didn't.. where is the money coming from to fix the problem ? It would only come from debt and that still has to be repaid with interest.. so much for their rationality!

GLENN BECK. (Cultural hero and possibly Saviour of the Western world:)
has good reason to replay things he declared a while back...and then point to the headlines/stories which prove him right.

Example 1
"In 2008 I said these Union Pensions were not sustainable"

29 May 2010 http://www.michigancapitolconfidential.com/12868
Unions want $165,000,000,000 bailout for their pensions.

Example 2
"Just last february I did a story portraying America as the economic Titanic...I received incredible flack for that"

7/6/2010 Drudge report shows picture of sinking Economic Titanic.
http://www.drudgereportarchives.com/data/2010/06/07/20100607_235910.htm

Beck says "Electicity Prices will skyrocket under Cap and Trade"
Then shows a clip of Obama saying exactly the same thing.

Unfunded Liabilities for Pensions and Welfare in the USA are in the TRILLIONS.

So..'WE' didn't cause this crisis? Are we to blame only the 2 senior Goldman Sachs people who appear to have driven the sub prime mortgage market collapse?

I don't think so.

Spain elected a Socialist government... for 'Socialist' read "Unsustainable, unfunded Promises of Welfare"

I look at P I G S and now Hungary as well and I wonder if their wholehearted belief in AGW has contributed to their financial problems.
There are only so many golden geese to lay their golden eggs and if all that is ""invested"" in cheap energy misadventures it might account for their problems.
Cash can be printed by Governments to prop up "green energy" but at some time there has to be an accounting. Spain is losing 2.2 real jobs for every green job formed. Their Government is also subsidising wind and solar energy.
Where is government finding the funds to prop up industries that cannot operate on a proper profitable basis?

maybe they need an INQUISITION.

Now there's a new idea

It seems that the world has got itself into a severe debtor's position.
It is now suddenly finding that it does not have the income to pay
back both the capital and the interest.

It seems we are all in the same boat to varying degrees.
The "man in the street" is not without blame with his big credit card
debt and trying to fund a lifestyle we cannot afford.

There is an opinion that we have exceeded the energy supply to produce
the fundamental economic gain to pay our debts.

Welcome to the post peak oil world.

DD most interesting that you say that.. specially if you (or anyone) lives in good ol Victoria. May I show you a new recent 'power' the Greens and Labor gave to us.
(to the Evil Opportunism and Human Reich Commission)

http://www.humanrightscommission.vic.gov.au/projects%20and%20initiatives/eoa%20review.asp#2
• Introducing a new power to the Commission to initiate action in the absence of a complaint. This means that the Commission can launch its own inquiries into systemic discrimination, enter into enforceable undertakings with discriminatory organisations and issue compliance notices.

I call it a 'Star Chamber'.

But..back 2 the topic.

BAZZ.
said:

//It seems that the world has got itself into a severe debtor's position.//

Actually.. yes and no. I think greedy short sighted 'workers' and spoiled public servants, along with opportunistic marxist Unionists who promised unsustainable financial/welfare reward... gave us that debt.
But then...those same communists, shriek and yell 'CAPITALISM' has failed you ! ! ! when the money runs out. (which they themselves caused to be overspent.)

Of course this does not bother them..because it creates the social conditions for "Revolution" which they were aiming for all along.

http://www.sa.org.au/abc-of-socialism/2747-why-we-need-a-revolution-to-get-socialism

"Only a revolution by the mass of workers which mobilises their collective power can sweep aside the machinery of capitalism, and only the process of revolution has the potential to equip workers – by providing them with the experience, lessons and unity – to build socialism, a society for the liberation of all."

COMMENT
There can be no question that the above is seditious.

Spain...Greece.. Hungary?..they are just symptoms..but not of the failure of Capitalism.. but the success of communist revolution infecting the minds of apathetic greedy 'men in the street' who don't even realize what's going on.

yes Al but nuthin new under the sun as long as a carflick can inflict PAIN on his fellow man [inquisition or not] - albeit them protestants were'nt too slack neither

But

"Unfunded Liabilities for Pensions and Welfare in the USA are in the TRILLIONS."

no problemo there mate, Capt Smirk showed us how to FUND such unfunded things, by simply taking money FROM the poor.

He called it a Future Fund - and he and Howard retired to REAP their future.

I am sure you have seen my video but here it is again

http://www.youtube.com/watch?v=tJPgjKqg_ws

and was I not right that he DID simply take all?