I read this paragraph about Angela Merkel, Germany’s stalwart leader, and found it to be profound on many levels.
“If Europe today accounts for just over 7 per cent of the world’s population, produces around 25 per cent of global GDP and has to finance 50 per cent of global social spending, then it’s obvious that it will have to work very hard to maintain its prosperity and way of life,” Ms Merkel said in the interview. <source>
The phrase that I find chock full of irony in the context of maintaining a giant welfare state is “…work very hard…” . The irony is simply that not everyone must “work very hard”, just those on whose backs the rest are carried.
How long will this last? Well, deficit spending, even on a personal level (or especially on a personal level), must come to an end, says Merkel:
“All of us have to stop spending more than we earn every year.”
So simple!! And yet it makes so much sense that no one will listen to it, and the Decline and Fall of Western Civilization will therefore only accelerate at this point.
I’ve never ridden a roller coaster that didn’t level off after the plunge, but I guess we are all on one now, so let’s try to at least enjoy it as much as possible.