Socialism has a 100% failure rate; why is Europe turning away from socialism yet America is running toward it? Glenn lists off very important dates throughout the year and what these dates to mean to us and to Congress; April 15th (budget deadline), November 2nd (midterm elections), December 31st (Bush tax cuts expire) putting the upcoming republican controlled congress into a ‘damned if you, damned if you don’t” situation. Glenn also covers the raising of the ‘debt ceiling’ (Congress’ credit card) from $11.3 Trillion to $14.9 Trillion, and the decision the republican congress will have to make in March, 2011 when it comes to raising the debt ceiling yet again.
For those that do not know what PIIGS stands for; it is the acronym for Portugal, Ireland, Italy, Greece, and Spain whose economies are on fire and linked to each other. The contagion is spreading and we must start thinking about who we are as Americans, how we are going to react, and what we are going to do when it all hits the fan. That trillion dollars in bad assets that the banks have not put on their balance sheets is hanging over our heads like a very sharp sword.
Everyone (by now) knows about the protests in Greece, but a protest turned violent in Ireland on Tuesday, and another protest is scheduled for Saturday. Protests are happening in cities all over Romania due to the austerity measures being put in place by their president.
Protest at Leinster House, 11th May 2010 – Next Protest Anglo Irish HQ – 2pm, Sat May 15th, 2010:
Anger is intensifying over cuts to be made as part of the EU deal to save the economy
MAY DAY protests in Greece turned violent yesterday as youths in gas masks and hoods set fire to vehicles, smashed shop fronts and threw molotov cocktails and rocks at police in an explosion of fury over austerity measures they claim will hurt only the poor.