The Grim Reaper Is Coming for The State

A series of countries in Europe confront bankruptcy, including a number of states in Eastern Europe and Italy, Spain and Great Britain in the West. State debt is also growing at an alarming rate in Germany and France. At the start of the week, the Taxpayers Federation announced that the national debt in Germany would increase by €140 billion in 2009.

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The constitutional “brake on debt” which was recently passed by the German parliament means that the first priority of any future government will be drastic budget cuts. The promises being made by all of the parties taking part in the national election campaign will be consigned to the waste bin as soon as the votes have been counted on September 27.

The rhetoric about the end of the economic crisis is also aimed at confusing workers and forestalling social protests, while behind the scenes unparalleled attacks are been prepared on living standards and social benefits.

...all foretold by Standard & Poor.

Full report.