- Tom Wolfe
This post at Chicagoboyz is really interesting, and really disturbing. Especially this:
The idea of high debt levels and high levels of youth unemployment will also likely result in some philosophical soul-searching. This debt isn’t being invested in structural improvements and productivity enhancements; it is being used for social transfers today to other citizens and to employ a vast government bureaucracy of selected citizens who are generally immune to market discipline (getting fired, working hard) while the unemployed youth sit idle. When the infeasibility of this system becomes apparent, how can they explain it to the jobless that their prospects must continue to be stunted in order to pay for an overseer class of government employees? The act of finding “real” jobs for youth will also take us back to a more entrepreneurial view of the world; hiring citizens as bureaucrats in lieu of a productive economy doesn’t work and something else will ultimately need to take its place.What's disturbing is the idea that some entepreneurial energy may go into inflaming Europe's youth. When European anti-government movements coalesce, blood runs in the street.