FLASHBACK: In 2005, U.S. Intelligence Warned Of Euro Econ Crisis And EU's Demise Unless Welfare States Downsized -- Washington ExaminerIn 2005, the National Intelligence Council prepared a prescient report warning that overextended welfare states could lead to economic crisis and possibly the collapse of the European Union sometime in the next 15 years:
The experts felt that the current welfare state is unsustainable and the lack of any economic revitalization could lead to the splintering or, at worst, disintegration of the European Union, undermining its ambitions to play a heavyweight international role.
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My Comment:They were not the only ones. Many of my friends who are involved in the markets have been predicting the same thing for years, as well as conservative economic pundits and those who believe in Austrian Economics .... you can only borrow money for so long before it bites you in the ass. For countries like Greece, Spain, Iceland .... that day of reckoning has arrived. For us .... that day will probably also arrive.
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