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Michael van der Galien

The New Titanic, Europe’s Economy, is Going Down

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Posted on June 6 2010 11:00 am
Michael van der Galien was born in the Dutch city of Leeuwarden in 1984. For as long as he can remember, he has been obsessed with the United States. When he was 17 years old, he started blogging - of course about America. His articles have been published at Big Hollywood, Pajamas Media, Hot Air (the GreenRoom) and Right Across The Atlantic. He's also an editor for the Dutch conservative blog, De Dagelijkse Standaard.

After the International Monetary Fund and the European Union bailed out Greece, the mainstream media quickly moved on to other, less important, subjects. The crisis, they said, was resolved. The billions of Euros sent in by the EU and the IMF would help Greece overcome its troubles. If other European states would follow in Greece’s footsteps, they too would simply receive help, and that would be the end of it.

Although that certainly sounds fantastic if you prefer to bury your head in the sand and ignore problems rather than deal with them, I’m afraid it couldn’t be further from the truth. The roots of the crisis go deeper than the MSM, and Europe’s politicians, are willing to admit – even to themselves. It’s not just Greece that has a weak economy, it’s virtually every other EU-member state as well. Sooner or later, Spain, Portugal, Italy and Ireland will also need to be bailed out. And since the other European countries simply don’t have the funds available to help out everybody else, they have to borrow many billions, even trillions. This will, in turn, drag down their own economies. The inevitable result: the European economy as a whole will collapse.

Europe’s economy would not be beyond saving, however, if its politicians would have learned their lessons. If they’d actually have the courage to accept that the real problem is Europe’s extensive welfare states, they could do something about it. Sadly, however, they prefer to believe that if they just ignore a problem long enough, it will go away all by itself. By doing so, they’re making matters even worse: the longer it takes for them to act, the likelier it is that Europe’s economy will suffer the same fate as the Titanic.

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