Failure of Liberalism/Socialism in Europe Reaches Critical Mass

By Douglas V. Gibbs

Liberalism, or socialism as it is called in Europe, is failing tremendously. Economies are collapsing all because of the big government policies of European nations that American Democrats are attempting to emulate. The unsustainable entitlement programs, the high taxes, and the crippling government spending has demolished the European economies, and one by one they are falling apart.

Greece was forced to establish austerity measures earlier this year to keep from facing complete collapse. With a bailout from other European nations, the skid into turmoil has been delayed, but not stopped.

Ireland faces a similar threat of economic collapse, and European finance officials are creating an Irish aid package they hope will assist Ireland, and prevent the collapse of that European Union member as well. However, as with Greece, the bailout will not save Ireland. The package will only delay the inevitable.

A similar debt crisis is on its way to Portugal, and possibly Spain.

Portugal and Spain have denied that a bailout has been offered to them as well, nor will they seek such assistance. Both countries have been taking action to pass measures to reduce spending, and hopefully rein in the nation's budget deficits, which in turn may also help calm the troubled markets.

Such moves have not been enough to create confidence among investors. The euro has fallen against the dollar to $1.3248.

The cost of bailing out Ireland, Portugal and Spain could exceed the lending power of European leaders, which includes the cost of a separate package of aid to keep Greece from defaulting last spring.

Germany has been especially nervous, and strictly opposes any increase to the existing package. "We have an instrument to deal with crisis in the euro zone and we are working intensively on Ireland," German Finance Minister Wolfgang Schäuble said in an interview Friday on German radio.

-- Political Pistachio Conservative News and Commentary

Europe Tries to Contain Debt Crisis - Wall Street Journal