EconoMonitor

Nouriel Roubini's Global EconoMonitor

Video of my Talk in Bologna: “Roubini-Rampini: Is There a Future for the Eurozone and its Social Welfare Model?”

My comments are in English:

 

3 Responses to “Video of my Talk in Bologna: “Roubini-Rampini: Is There a Future for the Eurozone and its Social Welfare Model?””

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RichardJuly 8th, 2013 at 11:25 am

We have learned nothing history. This is how the Roman Empire fell. It started giving away money to its citizens that it could not afford to give away. I think we are looking very narrow and what we should look at is the social issue and not the economic issues which are driving it. Today most simply want to have a good life without making changes to their present. Much like a drug addict wanting more money but not want to stop his bad habits. If we look at South Africa 4 out of every 10 children are on the welfare system and 7 out of 10 are illegitimate. They consume 5% of the government budget. That money that could have been spent elsewhere – education, roads, infrastructure. They say they have a RIGHT but nobody ever talks about the attached RESPONSIBILITY that comes with it. Unless we can change the expectations of people and the behavior of people the economics will never keep up. We know that from the Roman Empire. Today — we are simply repeating it.