Mad Statists

Basta ‘La Casta’: No End in Sight to Italy’s Economic Decline

"Italy, despite being the third-largest economy in the euro zone after Germany and France, finds itself in dire straits, having been in decline for years. Its GDP has dropped by 7 percent since 2007. But economic growth only tells part of the story. More than half a million industrial jobs have been lost since 2007, and 15 percent of the country's industrial capacity is gone, says Luca Paolazzi, head of research for Confindustria, Italy's leading industry association. Paolazzi, Italy is experiencing an 'unprecedented process of deindustrialization.' According to Confindustria, the Italian economy faces a tax burden that is 20 percent higher than in Germany." Continue reading →

Continue ReadingBasta ‘La Casta’: No End in Sight to Italy’s Economic Decline

The Nightmare Ahead: 19 US Cities Have More Public Workers per Resident than Detroit

"Detroit declared bankruptcy due in no small part to $3 billion in unfunded public employee pensions as a result of a massive city workforce that kept growing even as the city’s population shriveled, but a Washington Examiner analysis found that 19 major American cities have even bigger ratios of such workers to residents. Here's the report from WE showing the number of residents per municipal employee." Continue reading →

Continue ReadingThe Nightmare Ahead: 19 US Cities Have More Public Workers per Resident than Detroit

One-Third Of Europe’s Unemployed Are Spanish

"Spain has been in recession for seven quarters in a row and survey indicators suggest it will extend to eight. House prices continue to collapse. Government revenue to GDP is among the worst in the union. But unemployment is where Spain has its peers beat - at 6.2 million unemployed, Spain accounts for almost one-third of the entire unemployed population of Europe. With expectations that the unemployment rate will break above 28% next year and a government embroiled in scandal, Rajoy's planned address to discuss the politicial and economic situation to his nation in August may just be the catalyst for the social unrest that has laid relatively dormant for so long." Continue reading →

Continue ReadingOne-Third Of Europe’s Unemployed Are Spanish

Al-Qaeda claims Iraq prison raids, says 500 inmates freed

"Al Qaeda claimed responsibility for simultaneous raids on two Iraqi prisons and said more than 500 inmates had been set free, in a statement posted on militant forums on Tuesday. The Islamic State of Iraq and the Levant, which was formed earlier this year through a merger between al Qaeda’s affiliates in Syria and Iraq, said it had carried out the attacks on Abu Ghraib and Taji jails after months of preparation. Sunni Islamist militants have in recent months been regaining momentum in their insurgency against Iraq‘s Shi’ite-led government, which came to power after the U.S. invasion to oust Saddam Hussein." Continue reading →

Continue ReadingAl-Qaeda claims Iraq prison raids, says 500 inmates freed

Congress moves towards arming Syrian rebels

"President Barack Obama’s plan to provide vetted Syrian rebels with weapons and strategic military aid has gained traction in Congress, US lawmakers said Tuesday. The United States is currently providing humanitarian and non-lethal military aid to rebel groups battling the regime of strongman Bashar al-Assad. Obama’s administration promised an expansion of military aid to Syria’s rebel forces in June after accusing the regime of using chemical weapons, but such aid has yet to be disbursed. Lawmakers have been split on the proposal, but on Monday House Intelligence Committee chairman Mike Rogers said a 'consensus' had been reached." Continue reading →

Continue ReadingCongress moves towards arming Syrian rebels

Doctors caught on video using household drills in Moldovan state-run children’s hospital

"Doctors at a Moldovan state-run hospital used household tools, including an electric drill and pliers, to perform surgery in a video leaked to local press and published on the Internet, prompting outrage among the public and government officials. Prime Minister Iurie Leance ordered Healthcare Minister Andrei Usatii on the same day to investigate the incident. Usatii, in turn, told local television that while the use of household tools was allowed in certain circumstances, the hospital in question had adequate specialized equipment. Moldova, a former Soviet republic of 4 million, is one of the poorest nations in Europe with an average monthly wage of about $300." Continue reading →

Continue ReadingDoctors caught on video using household drills in Moldovan state-run children’s hospital

25 Facts About The Fall Of Detroit That Will Leave You Shaking Your Head

"On Thursday, we learned that the decision had been made for the city of Detroit to formally file for Chapter 9 bankruptcy. It was going to be the largest municipal bankruptcy in the history of the United States by far, but on Friday it was stopped at least temporarily by an Ingham County judge. How 'honoring the president' has anything to do with the bankruptcy of Detroit is a bit of a mystery, but what that judge has done is ensured that there will be months of legal wrangling ahead over Detroit's money woes. But one thing is for sure - the city of Detroit is flat broke. One of the greatest cities in the history of the world is just a shell of its former self." Continue reading →

Continue Reading25 Facts About The Fall Of Detroit That Will Leave You Shaking Your Head

Daniel Hannan on Statism and Detroit: My Analysis

"In December 1991, one block from my home, a man twice my size tried to stuff me into the back of a Chrysler New Yorker that was occupied by three other co-crazies blanked out on dope. My husband and I packed our bags and left the city the following spring. After ten years, we were done with The Experiment. The Marxism, crime, anti-white racism, tax rates, and lack of stable neighborhoods chased us out of town. In reality, the city died in 1967, with the riot that changed the city for decades. The decomposition occurred immediately thereafter. My father, a firefighter, worked a 72+ hour shift during the riots, putting out fires while being shot at by rioting civilians." Continue reading →

Continue ReadingDaniel Hannan on Statism and Detroit: My Analysis

Europe Continues to Circle the Drain

"Where is the austerity? The cuts Keynesians are complaining about are mere reductions in increase. 'Despite austerity rhetoric,' wrote Frank Karsten, 'government debts keep rising in most democratic countries. ‘Austerity’ is a code word for ‘spending less than we had wanted, but more than in the past.’ In the end, they wind up raising taxes, rather than lowering expenditures to cut deficits.' As we reported last week, central banks around the world continue to cut their euro holdings for the third straight year. The Old World’s scrip now accounts for only 23.3% of foreign reserve holdings. If central banks are wary of euros… you should be as well." Continue reading →

Continue ReadingEurope Continues to Circle the Drain

Europe Continues to Circle the Drain

"Where is the austerity? The cuts Keynesians are complaining about are mere reductions in increase. 'Despite austerity rhetoric,' wrote Frank Karsten, 'government debts keep rising in most democratic countries. ‘Austerity’ is a code word for ‘spending less than we had wanted, but more than in the past.’ In the end, they wind up raising taxes, rather than lowering expenditures to cut deficits.' As we reported last week, central banks around the world continue to cut their euro holdings for the third straight year. The Old World’s scrip now accounts for only 23.3% of foreign reserve holdings. If central banks are wary of euros… you should be as well." Continue reading →

Continue ReadingEurope Continues to Circle the Drain