The Eiffel Tower's (Fiscal) Imbalance

Despite the recent end to the oil blockade in Marseille, France, the gas shortages continue. About a fourth of French gas stations are completely out of fuel. This, because the protesting citizens have gotten used to the government’s old retirement age of 60 and can’t bear the thought of working until 62. Like anyone that’s grown accustomed to having things a certain way, they’re not exactly very receptive to change.

And, it’s happening around the world… governments of historically wealthy industrialized nations have maxed out their welfare economies and are slashing expenses wherever they can. It’s just a matter of time until the austerity tidal wave crashes onto US shores.

The Daily Reckoning