Less political rebellion, more mollycoddled mob - Brendan O'Neill, The Australian

An interesting perspective about the riots in England from someone on the Left.

Less political rebellion, more mollycoddled mob | The Australian

If we are to survive the looming catastrophe, we need to face the truth - Janet Daley

It's refreshing to see someone finally talk about the cause of the financial crisis in Europe and the U.S. I've been saying something very similar: that the decades of welfare statism followed by Keynesian attempts to stimulate our way out of this mess have failed. As Daley says:

We have arrived at the endgame of what was an untenable doctrine: to pay for the kind of entitlements that populations have been led to expect by their politicians, the wealth-creating sector has to be taxed to a degree that makes it almost impossible for it to create the wealth that is needed to pay for the entitlements that populations have been led to expect, etc, etc.

When Government Jumps the Shark and FannieGate by Walter Russell Mead

When Government Jumps the Shark

Fanniegate : Gamechanger For The GOP?

Mead’s insightful analyses explain how the housing mess imploded our economy and how various government “entitlement” programs evolved through various stages until they grow to be too large to dismantle and so charged that they become the “third rail” of politics (meaning, untouchable unless you want to be electrocuted). However, like the mainstream media Mead misses a moral point: the welfare state depends on the moral premise that people are “entitled” to benefits regardless of the consequences. I put the word entitled in quotes because I disagree with this designation. To me saying I’m entitled to something means I can morally demand that someone else provide it to me against their will.

Mead points out that most programs like Social Security start out small then grow to the point that many people depend on its continuation while being supported by a declining base. In addition a continent of special interests consisting of politicians, lobbyists, etc. sprouts to cater and foster this group. The scope and target population of these programs expands in order to increase the “customer base” (i.e., potential voters who will support the politicians who curry their favor) until they become an increasing burden on those who foot the bill.

Here is another way of putting it by using a different animal metaphor. After decades of welfare statism (and crony capitalism) the chickens are coming home to roost. Unless we acknowledge and deal with the trillions of dollars of unfunded liabilities which loom in the future I’m afraid that the unrest we’re currently seeing in Greece will turn into a feeding frenzy of unsupportable demands that spread to Europe and the U.S.

In any case I highly recommend reading Mead’s two essays.