The insane amount of debt Europe is in

The insane amount of debt Europe is in

Luxembourg has nearly 7 million dollars in debt per citizen, which is 6300% of their GDP. The Netherlands has 265,000 dollars in debt per person, at around 522% of their GDP. The UK has 127,000 dollars in debt per person, which is 313% of their GDP. Greece is 240%, Belgium 265%, Switzerland 269%, France 213%, Finland 196%, and so on and so forth. The U.S., which by comparison is in the most debt it's even been in which has been considered a significant problem, has 115% of their GDP in debt per citizen, or around 60,000 per person. This is the amount of external debt owed to other countries and entities outside the country, and Public debt similarly is very high in these countries as well. In these EU country's, in seems many are in extraordinary amounts of debt, so much so they can never pay it off. Iceland recently had it's debt forgiven, but it was 11 times it's GDP, and many of these countries never seem to have recovered. This amount of debt is owed to various banks around the world, and as it's in the trillions of dollars, unlike the country of iceland which has 1/1000th the population of the U.S., the debt can't be forgiven without crashing the world market. So eventually, things will get so bad the debt is going to be forced to be repaid, or they will stop loaning to these countries all together, and hyper inflation is effectively inevitable, just like with the germans after WWI.

Not surprisingly a lot of these countries have a high standard of living, but this can't last forever; eventually, someone will expect the debt to be repaid, or hyper inflation will set in, and the economy of these countries will collapse. Whether you like the banks or not, the economy is dependent on them, and thus if they collapse, so does the whole economy so goes people's entire life savings. Europe has been stretched for over a decade now, and only seems to have recovered from the last financial collapse by getting in to insane amounts of debt. If they can't pay it back or it's forgiven, massive economic problems will set in, and Europe will quickly destabilize as the bubble pops. And what then?

I personally believe Europe is headed towards a major financial collapse, which they will blame on a lot of things, but in reality it's just overextending themselves and getting themselves in to insane amounts of debt. I don't think this is sustainable, and even if the economy doesn't collapse and even if hyper inflation doesn't set in, their standard of living will drop when they can't borrow endless amounts of money. Eventually banks will realize that helping the ultra rich get more rich isn't a good idea and will start giving money to countries like in Africa, or those that really need it, and Europe's way of life will be doomed. And what then? I don't see this being talked about by anyone ,but I predict Europe is destined to collapse in the next several years, probably less than a decade. And before someone tries to say there is a difference between public and private debt or you can be in large amounts of debt and pay it off with a growing economy, I know all that. This is external debt specifically, which means what they owe to other entities and not just themselves. This is untenable though, as they either borrow from other programs and eventually watch all their social programs collapse, and thus their standard of living, or their economy will continue to sink and it will be a moot point. For example the average GDP of most European countries has gone down in the last 10 years quite considerably. While the U.S. and UK used to have the same GDP per capita, in 10 years the UK has gone from 50,000 to about 40,000, and the U.S. from 50,000 to 60,000, giving us 50% more money than the UK. Norway has dropped from about 100,000 per citizen to 75,000 per citizen. In comparison to the dollar, the Euro has dropped in value by roughly 40%, which is quite a bit of inflation to have. Countries like Spain, Italy and France have seen a drop in GDP, while the U.S. and various other countries are improving. Except for a slight boost in the last 2 years, the economy of Europe seems to be falling, all the while they are racking up debt they can't possibly pay back, worth several times their entire economies. Something is about to give, and it likely is not going to be pretty for Europe.