The coming bankruptcy of socialist Europe

A lot of people talk about how Europe is the pinnacle of modern democracy and socialism works.

In reality it is broke.

Between the escalating costs for social welfare due to an aging population and general cost trends combined with entitlements they will have to significantly increase taxes think – 60% of GDP up from 42-45% and basically have no private economy or, cut their vast social benefits and admit socialism doesn’t work. France already runs 4-5% deficits to ensure payment and their people will never let the government make reforms.

The current projections by their finance ministries project nominal growth of 5% in order to meet their targets. When in reality they don’t even grow at 1% most of the bigger European nations and UK as well are facing a catosrophic end.

Eitherway most European countries are going the way of Greece and Portugal 2009-2011 in 20 odd years.

So much for socialism.