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Depends on how you look at things at what the parameters are. It's pretty easy to say places like Spain, Greece, Italy and Ireland etc. Each has there own unique take on events and unique issues.
No doubt the US has been hit hard buy it.
And I think globally it has hit the lower classes more than people imagine and knocked quite a few people down into that lower class.

Somehow countries that supposedly haven't been affected as bad by it have come out a lot worse than they were. Australia being a good example, for a boom country that has been relatively crisis free it has somehow managed to get itself in one of the worst settings for inflation, cost of living, house prices etc...

I don't know it's easy to be a spectator and speculator about the reasons and consequence but I imagine those with first hand experience of being directly hit by the crisis may have a different story to share.
 

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Its hard to judge, we all know the facts and figures - how it directly effects us and are community. But how to judge overall impact is really hard. I was born in the UK during the winter of discontent. My parents constantly struggled to pay bills and everything was reused and handed down and around. The thing is, it didn't really effect my childhood very much. The kids at my school might have ranged from benefit class to the upper middle classes (with more falling a bracket than rising) but essentially we were all dressed in hand me rounds, holidaying in tents and just getting on with it.
I'm now an English teacher in Greece, and this crisis is most definitely effecting kids lives. Its not just lack of stuff, or worry about bills. Its just everywhere! Whether meting friends or strangers, its still the main topic of any conversation. The effect on kids is huge (but just starting to lessen a little). Last year, I asked a class of 14 year olds (there were about 15 of them) what kind of job they would like to have. One girl said 'but miss, we are Greek, we won't get jobs' and most of them agreed- three suggested they could leave the country. And this from kids whose parents can still find the money to pay for extra classes. From 9 year olds to adults, I can guarantee that I never mark more than 5 essays without the crisis getting a mention - what ever the topic! No one even seems to see the harm in hearing 5 year olds talk about what Greece can't afford.
You may think I'm exaggerating if I suggest this level of understanding of adult issues is totally robbing a generation of its childhood, and Europe will feel the consequences for decades to come. Its not far fetched to worry just how little it might take to target all this negativity with disastrous consequences. We came very close recently with 'new dawn' a nasty racist 'political' party, but during the last elections, the state channel went some way to diffusing this problem - reminding people the importance of voting, and having this group in Parliament would really hurt. We no longer have a state channel.

I do not know if other countries have wose problems, but without there physically being people killed on the streets - this is a nation under terror.
 

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Depends on how you look at things at what the parameters are. It's pretty easy to say places like Spain, Greece, Italy and Ireland etc. Each has there own unique take on events and unique issues.
The same can be said of states within states. After living in Madrid for a year I feel that the crisis is much more pronounced there than here in Galicia. That is probably because people here are more rural and therefore more self sufficient.

The crisis in Europe and the US is the market's way of correcting decades of central planning causing distortions in the economy. That is, the governments overspend and overborrow while the central banks overprint. As Ludwig von Mises pointed out, this causes malinvestments and bubbles that need to be corrected.

I believe it comes down to a structural problem when the government gets involved in the economy. Unlike people in the free market the government does not get prices signals, process demand, adequately consider customer needs, and use capital. The government takes money and purchasing power from people (taxation, inflation) and spends it according to what the bureaucrats decide. We wouldn't want the government to set the price of laptops like the Soviet regime set the price of bread. Yet few people question why it is permissible for the government to set the price of money (interest rates) or the price of health care.

The states in Europe and the US have grown to large and too intrusive. Like Rome, the size and power of the state will shrink because there is no economy to support continued expansion of the militaries and welfare programs.

There will be a correction much larger than the 2008 housing crisis in the US. This time there will be a correction in the government bubble. The question is: will there will be a much needed and healthy correction by the market or will the central banks respond with massive credit injection leading to hyperinflation?
 

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I think that there's no more or less certain answer to this question. Despite the fact that we can access financial reports for different countries, the answer sill depends on the population's perception. As we can see, crisis considerations have become an important element of the Greek culture and even education system. Although there's much talk about crisis at different levels, including politicians, mass media and families, the numerous mentions of it in education might root the problem deeper and deeper in the public consciousness.
 
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