When you get into too much debt, really bad things start to happen.
Sadly, that is exactly what is happening to Italy right now. Harsh
austerity measures are causing the Italian economy to slow down even
more than it was previously. And yet even with all of the austerity
measures, the Italian government just continues to rack up even more
debt. This is the exact same path that we watched Greece go down.
Austerity causes government revenues to drop which causes deficit
reduction targets to be missed which causes even more austerity measures
to become necessary. But if Italy collapses economically, it is going
to be a far bigger deal than what happened in Greece. Italy is the
ninth largest economy on the entire planet. Actually, Italy used to be
number eight, but now Russia has passed it. If Italy continues to
stumble, India and Canada will soon pass it as well. It really is a
tragedy to watch what is happening in Italy, because it really is a
wonderful place. When I was a child, my father was in the navy, and I
got the opportunity to live there for a while. It is a land of great
weather, great food and great soccer. The people are friendly and the
culture is absolutely fascinating. But now the nation is falling
apart. The following are 11 signs that Italy is descending into a
full-blown economic depression…
#1 The unemployment rate in Italy has risen to
12.2 percent. That is the highest that it has been in more than 35 years.
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