Thom Hartmann on how globalization has resulted in a new form of feudalism:
Globalization is killing Europe, just as it’s already wiped out much of the American middle class.
Spain and Greece are facing immediate crises that many other European nations see on the near horizon: aging boomer workers are retiring with healthy benefit packages, but the younger workers who are paying for those benefits aren’t making anything close to the income (or, therefore, paying the taxes) that their parents did.
Globalists/corporatists/conservative “free market” and “flat earth” advocates say this is a great opportunity to cut benefits for the old folks (and for the young folks in the future), thus bringing the countries budgets back into balance, and this story is the main corporate media storyline.
But it overlooks the real issue (and the real solution): how globalization is killing these nations’ economies and what can be done about it.
The Observer reports on Greece’s parasitic elite who are taking their money and running:
A staggering €8bn-€10bn (£7bn-£8.7bn) may have been taken out of Greece by private investors since it became engulfed by economic turmoil in November.
Under pressure from the European Union and international markets to rein in the nation’s €300bn debt, socialist prime minister, George Papandreou, announced last week that he would have to enforce tough deficit-cutting measures. But the coming austerity package is leading panicked wealthy Greeks to divert their savings out of the country.