Saturday, April 21, 2012

Is Europe capable of dealing with reality?

It looks like another European government will change this weekend.  According to news reports, Pres Sarkozy of France will go down and replaced by a leftist government.

My guess is that Europeans will change quite a few governments but not much tangible will happen.

Europe is simply living with the consequences of the welfare state or politicians who got reelected making promises about this or that.   It was good but it won't go on anymore.

Eventually, the Europeans will realize that "la dolce vita" was a movie and not a sustainable way of life.  

You will see massive changes in Europe over the next 25  years.    I agree with this article:

"Europe’s social systems will look very different 20 years from now. They will still be around, but benefit programs will be far less generous, and a greater part of social security will be organised privately. Welfare services, like health care, will be exposed to competition and, to a much greater degree, paid for out of pocket or by private insurance."

The bad news is that many Europeans do not have a clue of how bad things will get before they get any better.

The good news is that we are watching and learning from it.  We still have time to change and avoid the iceberg.

Click for our chat with Dr Ileana Johnson-Paugh.  We discussed the situation in Europe in the first segment:

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