The Comedy or the Crisis of the Euro rolls on getting more complicated everyday with it seems, no answer in sight. Italy and Greece are hopelessly in debt due mainly to a certain sections of the elite who demand to retain their privileges to tax exemption, tax evasion and corruption and the rest of the Euro countries and the rest of the world who have foolishly lent their country's savings to Italy, Greece, Ireland et all without due diligence now face losing their money.
The world never learns. We have been here before and the outcome for the elite was unpleasant. From 1792 until 1799 there is a period known as The French Revolution of which the present crisis is sadly showing signs of repeat performance possibly without the guillotine but nevertheless chaos.
The problem is then and now that the Elites have avoided paying their fair share of taxes, leaving that to the Third Estate (middle class) and working class to do that for them but government institutions are expensive to run and eventually there is nothing left to tax. Continual mulching of the cash cow is unsustainable. Capitalist's free markets means that everything becomes centralized with the loss of manufacturing and civil service jobs and there is only theThird Estate left to tax and because of the downsizing many of them are unemployed or on the bread line. Capitalists refuse to be taxed as they plead they add to the economy. How they actually do this is never stated but they are quite sure they deserve their bonuses.
The most brilliant plan that is being offered now by France and Germany who would suffer if these two debtor countries go broke is to solve the problem by offering more loans and more austerity for the Third Estate. Louis XVI tried this with spectacular failure.This will solve the problem in the short term but you cannot get blood out of a stone when more money is needed to pay up.
Or one can just print money but Germany knows that that solution doesn't work either having had practical experience in the Weimar Republic. Both the methods above are mirages and any intelligent being will know they are not going to work
The Elites have to pay their share, tax exemption and corruption have to stop, Germany and France and the rest of us have to write off the debts and Italy and Greece have to be given control of their own currencies to kick start their economies otherwise the masses will rise and the results will be ghastly.
Oh they need me there! But we know all this! In 1929 Hendrik Willem Van Loon wrote a history primer for children entitled The Story of Mankind. His conclusions are still relevant today and I think this book ought to be essential reading in schools.
Stand by for the next thrilling installment!