Europe is a mess. Years of expanding entitlements coupled with ill-advised loans amongst the European governments to subsidise those benefits created an economic conflagration that grips most of the continent. We’ve had our debates here at EMP about the nature of the so-called Tea Party. I’ve maintained that, inter alia, the main thrust of Tea Party protest is a “sustainability” argument against expansion of entitlements and the creation of new ones. The recent elections in Great Britain suggest a “Tea Party” element at play there, inasmuch as a third party scored unprecedented gains with “sustainability” as their core issue.
As usual, the Brits have a great sense of humour (spelled that way in their honour!) and this comedic bit persuades me more than anything I’ve heard coming out of the Tea Parties or Peashoot’s favorite, Sarah Palin. It’s a faux game show regarding European economics. That the moderator congratulates the contestant for losing “only” a million dollars is a rich punchline stabbing at the heart of unsustainable deficit spending. I can’t explain Keynesian vs. Friedman economics other than in general terms, but I suspect these two chaps fondly support Mr. Friedman. Jonathon Swift would applaud the methodology behind their message.