Originally Posted by mariaalice
The OP's question is another tangent of... society was better when we were poor and rural and everyone knew their place.
How dare people want a decent standard of living from the work they do.
Miceart. Industrialization is a good thing. Besides, we have not really been paid what we think we have earned. There is a 226,720,000,000
euro debt to be serviced (heading for the quarter trillion) which will make its presence felt when interest rates rise. The rise in interest rates is likely to coincide with diminished means to service the debt. After all, trade declines and factories close when recessions arise. The traditional response to a recession is to lower interest rates only we are already below zero. The new response to recession is to initiate QE, but we are already doing QE. If a recession comes,the amount of QE necessary will be gigantic and even if Germany, Holland and Finland went along with it, such measures would render the Euro worthless. I believe the next recession will cause the break up of the EU.