'Changing work rules, pension rates, retirement ages, is badly needed.'

'Raising taxes in a harsh recession is inane.'

<blockquote>'Changing work rules, pension rates, retirement ages, is badly needed. Raising taxes in a harsh recession is inane.

Greece is going to default and Portugal will soon follow. The ECB is attempting to fence off Italy and Spain, but the only way it can do so is by buying massive quantities of Italian and Spanish debt (and doing so puts Germany and France at risk when the setup blows up).

How long the ECB can get away with this policy before the bond market focuses on France and Germany remains to be seen, but it sure will not be forever.'

- Mike "Mish" Shedlock, Money Supply Figures Suggests Italy Headed Into Depression; Non-Performing Spanish Loans Hit 134 Billion Euros, 7.51% of All Loans, Highest in 17 Years; Eurozone Unemployment Charts, January 19, 2012</blockquote>


Context

<blockquote>'The true nature of the current crisis is not that of a currency..'

'..ethics in particular..' - Banking Reform

'..the theorem of the economic impossibility of socialism .. is fully applicable to central banks.. - Jesús Huerta de Soto</blockquote>