Eurozone inflation came in at 8.1% For May 2022, driven by soaring energy costs, which hit 39.2%, The European Central Bank rate hike would only come in July, and only a handful of members are open to a 50bp hike – June 8, 2022,
I’ve listened to some very smart people, who claim the Eurozone is in much better shape than the United States? Do I have to ask what are these people smoking? I’m I claiming the United States is in great shape? Ofcourse not, but let’s not forget the tariff, regulate everything we find hell hole nightmare the Eurozone is. Yes, you read that correctly energy costs hit 39.2% in the Eurozone and a lot of people in countries like Germany are COMFORTABLE with the idea, imagining that this is how they’ll get more electric vehicles on the road.
At the very least in America, many are pushing back against this nonsense. You have to also comprehend that in most parts of Europe, the various branches of government regulating everything it can, is just how things are and it’s not worth pushing back against. Sure Eurozone companies comprehend the value of a market economy, but only as long as the government can put as many controls over it as possible
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In most parts of Europe in comparison to the United States, their public services are often better to run, however, these public services in most parts of Europe are not only running at loss but there is also little hope of innovating their way out of the dungeon as almost anything of profit will find itself tax and regulated at some point in the future.
Euro zone inflation hits yet another record high as food and energy prices soar | cnbc.com
Why this is relevant to this post is that only A handful of Governing ECB Council members are open to a 50bp hike according to Mark Wall, a chief economist with Deutsche Bank. Think about this Eurozone inflation came in at 8.1% For May 2022 and for July 2022, ONLY A HANDFUL of ECB members are CONSIDERING a 0.005% interest rate hike? You’d have to ask yourself why? The answer is as I like to point out the best of times for the Eurozone are behind them and even then the Eurozone was experiencing slow growth.
What I like to point out to people that often goes unchecked is that the relaxed nature of the Eurozone members in the face of inflation comes from the perceived efficiency of their welfare state. I like to point out that government dependents or people on welfare DO NOT CARE about inflation, why should they? They’re getting more out of the system than they’re putting in.
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Sure a loss in their standard of living bothers them, but they’re living off the government dole, do you really think these government-dependent welfare people care to rock the boat? Ofcourse not and this is what I think most people do not understand about the European welfare State. I understand it because I live in Canada.
Living in Canada we have 2 dominant Left Wing political Partys who can essentially say anything and the average WELFARE dependent Canadian will gladly accept whatever the left-wing politician is saying as economic gospel, why? Because they’d rather take the risk of voting left-wing than imagine the possibility that a Conservative politician will take their government welfare away.
By the way, the wage earner who is the beneficiary of government wage-price fixing, will also often vote for a Left-wing candidate because they imagine voting for the Left-winger will help them earn higher wages. The cost of living increases all depend on what angle you’re approaching them from, if you’re on welfare as an example, you don’t have to drive to work, so you’re not paying higher gas prices and although food prices are rising, maybe you simply stop buying luxury foods and settle for sardines.
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Because again remember you’re on welfare, you’re dependent on the government to survive, maybe you’re grateful for your government’s prior good graces over the years granting to you all of those prior “free services”. People tend to ignore that when Rome fell, the soldiers saw nothing worth fighting for. If you know anything about the fall of Constantinople, one of the main reasons the Ottoman Turks captured it was because it was reliant on MERCENARIES to defend it.
When Constantinople reached its peak around 400,000 people lived there, when the Ottoman Turks conquered it, it had around 50,000 inhabitants? In the Eurozone people are having fewer children, you have to ask why? Is it because of wealth and prosperity or is it because the people in charge are stealing from the productive and giving resources to the unproductive?
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Sure an argument can be made that democracy is driving this madness, but another argument could be made, that economic and financial education isn’t being PROPERLY and coherently taught in schools. If teachers told students that financial and economic education could make them and those around them rich and explained it in a fun educational way, that also exposed the stupidity of the politicians, I think, students would be better prepared to efficiently lead the Western World.
The problem is that most people and this is a global problem are taught how to take orders from thought leaders, and it’s for this reason that there’s a “For the greater, good” ideology dominating the world which is destroying economies. “Things just sort of happen” is how the average person thinks. Sure natural disasters just sort of happen, but economics is the result of the people in charge.
Free markets work with or without government, most nations become great when there is LESS government intervention into the economy, it’s not until the society reaches its peak that government people start interfering with everything. In the Eurozone bureaucracy dominates. 8.3% consumer price inflation and only a handful of ECB members are CONSIDERING a 0.005% interest rate hike?
The worst part of all is that the average person in the Eurozone doesn’t care enough to speak up against it? possibly imagining the potential NEGATIVE consequences if they do. I write these posts so people aren’t thinking about the destruction of western society as something RANDOM, it’s intentional, we do this to ourselves, and the people who rule over us are the result of us collectively allowing the laziest amongst us to be the arbiters of truth.
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It is indeed the flaws of modern DEMOCRACY as it’s structured today destroying the most productive members of our planet.
“A handful of Governing Council members are already open to a 50bp hike,” said Mark Wall, a chief economist with Deutsche Bank, in a research note.
Interesting times ahead