As you may have heard, England has been ravaged by a 4 day mayhem of looting, rioting, vandalism that took place all across its major cities. I’ve been reading analysis and reports on the cause of these riots, and like the analysts, its hard for me to determine the true cause of this disaster.
Based on what I’ve read, it seems like suppressed racial tensions and a general sense of dissatisfaction among Britons with everything going on in UK seems to be the root cause. The shooting of Mark Duggan was just a spark, which later fuelled a fire that engulfed major cities.
Income disparities, lack of job opportunities, biased police behavior towards minorities seemed to have been a perfect concoction for a riot. But who is to be blamed? From the rich to the poor, everyone was somehow involved in this riot, whether they be looting, vandalising, whatever.
Whatever the reason, the riots do serve as a wake up call for Britons and Europeans in general, as their once flourishing economies, attracting much migration and what-not are now crumbling under enormous debts, inflation and the ever constant relief of bailouts.
Speaking of economies, the European economies are melting down, with banks having loaned out so much money to people with no viable assets, and the fact that all the countries are finding it hard to run their economies with the Euro (ironic since this was introduced to make things easier). Each nation has its own culture and thoughts about money, so putting it crudely, the rich and innovative Germans don’t wanna bailout the lazy Greeks. Also, many German banks have loaned out money to developing economies in Europe (which seem to be crumbling, leaving these banks to have lost billions of Euros in irrecoverable funds).
I’m not an economics expert, but its simple, taking loans that you will not be able to pay back is just stupid, whether it be on a personal level, or it be on country-economy level.
What do you guys think about the meltdown in Europe? Leave a comment!
Well, no income and colossal loans are bound to burn a whole through Europe’s wallet. I’m surprised it took this long for them to feel the burn =/