What's happening here in the United States, has been a devastating situation already felt in other countries. The economies of Iceland, Spain, Ireland, United Kingdom, Singapore and Greece have hit crisis levels recently. It seems here in the States, we focus all too much on our own problems, while giving little thought to other countries in distress. Could these countries be leading a precursor of what is to come?
Ireland became the first of many to enter into recession after the Wall Street scandal. With Ireland's unemployment reported at 14.1% in May of 2011, experts fear for the worst, as the cloud of default hangs over the country's head. Ireland's bankers, were just as guilty as here at home. These larger than life banks, received public funded bailouts, after the failures of their lending in the housing scam. Publicly funded austerity measures, have only led to compounded debts, which more than likely will never get paid back, and will eventually lead to an expected default or defaults.
Although free market lovers try to blame socialism for the decline of Greece, I myself, along with the Greek public, know better. Greece paid the heavy price for capitalism, with each bank bailout the citizens funded. In 2008, when the U.S. was funding our own set of bank bailouts, the citizens of Greece were giving their own bailouts to the greedy banking industries. In a country where 1 out of 3 jobs is government involved, the Greek government wants the people to finance this massive bailout before a default occurs. Sound familiar? Similarities in low GDP resound with our country also. With no way of paying back the ever growing debt, the governments are forced to look inside to find ways of cutting entitlement programs, to just make their minimum payments.
The stories ring familiar across the globe, as Spain has the highest unemployment rate in the industrialized world at 20%. This percentage is small in comparison to the young people of Spain, who at 25 and younger, are at 44.3%. These youths have taken to rioting in the streets in protest of bank bailouts, and repayments on the backs of the working class. Fears of a "Lehman Brothers style tsunami" of default across the globe, are hitting us here at home.
Talks are on the tables in the United States of debt ceiling. Both political parties seemed determined to make the average citizens pick up the tabs of the greedy bankers. I highly doubt my grandmother was playing a death match of poker, against the average joe paying back their high priced mortgages. Unfortunately now, grandma's Medicare is on the table. Her and millions of others may be forced to carry the debt of greedy bankers. This privileged attitude in America, has got people at each other's throats. Citizens are blaming the defenseless and the poor for the debt, and demanding a government cut, to help slice away at the national debt. These cuts will do no more than barely make the minimum payment on our credit cards. Americans should unite together, and realize where these problems originated….The bankers and Wall Street fat cats. What a great deception they have played, when they can create this crisis, then convince us we have to pay for it too! When you realize that Apple corporation, is sitting on enough cash in a off shore bank account, that holds enough money to pay Greece's entire debt off, you realize the problem.
Is this the future we are giving our children? The every man for himself future? In a country were we hold religious values so dear, I can hardly imagine taking away entitlement programs represents their beliefs. If we don't stand United, it is divided we fall. Remember corporations are not people, and stand up, get up, but please…Do Something!
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