We hear several times a day and from many different media about the financial crisis here or in the Eurozone or in Greece or Spain, but I am beginning to think that this is actually a crisis of the well-healed not to say ultra-rich which does not affect the rest of us nearly as much as is made out. The effect on us has not been direct but through the foolish and lavish assistance given to the banks to shore up the interests of that rich minority.
I heard today about a much more significant crisis that will have consequences for the average person in years to come. That is the appalling number of young people everywhere in Europe who have failed to get anything meaningful to do on leaving school or even in some cases college and university. Left to fester on the periphery of society, they will in future years, not only be a benefit burden but will also not create economic activity and hence taxes which are hoped will support the ever-increasing proportion of elderly in our Western societies. The demographics in the older economies in Europe and America are enough of a major threat to the well-being of today’s middle-aged people but become a nightmare if perhaps as much as 50% of the next generation are not productive but also require support from a very small proportion of the total population who are actually working. Some of the billions used to support the banks who after all brought their woes upon themselves would be better spent on reducing the current young unemployed population.