Niall Ferguson identifies a “global temper tantrum” in his latest Newsweek column. Vocal and indignant protests and movements are present in most of the Western World: the Tea Party, riots in Greece and ‘los indignados’ in Spain. A common refusal to face the facts unites them.
Demographic pressures make the present welfare systems unsustainable on both sides of the Atlantic. This has been exacerbated by the financial crisis. The OECD predicts the US needs to go from a deficit of 7% of GDP to a surplus of 1.4% (double the squeeze that Greece needs to make) to stabilise its debt.
Niall says young protesters are “suckers” who are protesting for the right to pay higher taxes in the future.
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