by
Gary North
Tea Party Economist

Recently
by Gary North: Health
and Free Trade

Ron Paul is
getting a hearing from young voters and old ones. Both age groups
think the two major parties are corrupt.

This is not
limited to the United States. Across Europe, the established parties
are facing revolts.

This is a prelude
to real political change. The voters did not care until it hit their
wallets. Now they care. Too late. The politicians ran up the debts.
These debts are coming due. No one has a solution.

There is only
one solution: the Great Default. ItÂ’s coming.

In the meantime,
the political parties face defections. Voters have lost faith. They
see the politicians as liars, which in fact they are.

Fort 36 years,
Ron Paul alone told the truth. ThatÂ’s why he draws crowds.
ThatÂ’s why the Establishment fears him. He beat the system.
He is creating the foundation of a grassroots take-over of the Republican
Party.

In Europe,
there are nationalist parties. They are not committed to free entereprise.
No party in Europe is. So, European voters are stuck.

Here is the
situation in Greece.

Mass defections
from the ruling parties by the elderly, once their most loyal
voters, will lead to a crumbling of support on May 6, pollsters
say. About 30 percent of GreeceÂ’s 9.85 million strong electorate
– 2.8 million – is over 65.

At
the other end of the spectrum, legions of young voters are also
turning their back on the two parties that have taken turns ruling
Greece for the last four decades. About 15 percent of the electorate
– 1.4 million – is 18 to 29.

The unemployment
rate for Greeks under the age of 25 tops 50 percent. Hordes of
young Greeks who have seen their career hopes destroyed by the
economic implosion are also expected to turn their backs on ND
and PASOK, pollsters say.

There are few
jobs. Young people 18-25 face a 50% unemployment rate.

It is the same
in Spain.

This is why
Europe is a tinder box politically. If the economy sinks, then there
will be defections from traditional parties. Gridlock will result.
The parliamentary system will prevent orderly government. No one
will have a majority. Coalition governments, as in the United Kingdom,
will rule. Coalition governments cannot get anything done.

This is what
happens at the end of a political tradition. The defections are
everywhere. There are no politically viable answers.

Then comes
national bankruptcy.

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May
2, 2012

Gary
North [send him mail]
is the author of Mises
on Money. Visit http://www.garynorth.com.
He is also the author of a free 20-volume series, An
Economic Commentary on the Bible.