FRANCE: Today over one million French took to the streets protesting the government’s plans to raise the retirement age from 60 to 62. Tens of thousands Parisians protested the “cruelty” of making 60 year-olds work two more years before retirement. The Associated Press reports that the majority of French are against government attempts to reform their retirement system.

After years of socialist giveaways European countries are struggling with the impossible task of paying for programs they cannot afford. Politicians there for years have promised outlandish benefits with no way to pay for them in an effort to be reelected. Faced with impossible costs the French are trying to make adjustments to keep their country solvent. The resultant protests only help destabilize a volatile situation.

This is the model that Obama and Congressional Democrats have been following for years: promise the moon, get reelected, and leave it to future generations to pay for. It isn’t working in France, and voters are rejecting it here in the US. Meanwhile Pelosi and Obama are still singing the same socialist song. It’s time to teach them a new tune.

JAMES SIMPSON: This is better than Rick Santelli’s rant. Here is a successful businessman giving us the reality of the situation. In an interview with CNBC, Steve Wynn, owner of Wynn hotels, describes this administration and Congress’s policies as an explanation for his decision to move some of his operation overseas. As he says repeatedly, it is a combination of the insane spending and regulatory policies of the Democrats and the complete uncertainty this creates for business.

As I have said, repeatedly, this is a deliberate strategy. Nothing discourages business more than uncertainty, and the Obama administration has introduced a climate of uncertainty in this country that is unprecedented in our history. Even during war, no American ever seriously believed anyone would come along and attempt to change the fundamental structure of our society. But it is happening now before our eyes!

The corruption of this administration, the fraud occupying the White House and the revolting, despicable animals running Congress, defy description. They are corrupt, subhuman slugs. Watch this four minute clip. Right on the money!

What, Me Worry?

WASHINGTON: The Treasury Department stated that the US Debt reached $13 trillion for the first time in history on June 1st. Just six months ago the debt topped $12 trillion for the first time. The increase in just 6 months was 8%.

At this rate our debt will reach $14 trillion by the end of the year, increasing the national debt by 16% in one year. The US GDP was only $14 trillion in 2009, our debt soon will exceed the entire economy of this once great nation and the rate of increase is accelerating.

You or I could never dig ourselves out of this kind of debt, only the government can, and they will do it by inflating the currency. Back in November the NIP has warned about the dire consequences that await us if we pursue this course. This should give concern to every American. Our elected representatives need to be sent packing. Faced with our massive deficit, this Congress apparently subscribes to the Alfred E. Neuman school of philosophy, “What, Me Worry?” At the NIP we too are beginning to see Mr. Neuman as a viable candidate. His campaign slogan of 1956 still rings true today, “You could do worse… and you always have!”

WASHINGTON: Saturday found Obama once more pleading for additional “Emergency” money. When we at the NIP saw the headlines we thought good for him, he is pleading for money to help the embattled gulf coast. We almost didn’t pursue the story further. But no, this is not oil spill related, this is bailout money to prop up insolvent state and local governments:

President Obama urged reluctant lawmakers Saturday to quickly approve nearly $50 billion in emergency aid to state and local governments, saying the money is needed to avoid “massive layoffs of teachers, police and firefighters” and to support the still-fragile economic recovery.

In a letter to congressional leaders, Obama defended last year’s huge economic stimulus package, saying it helped break the economy’s free fall, but argued that more spending is urgent and unavoidable. “We must take these emergency measures,” he wrote in an appeal aimed primarily at members of his own party. Lori Montgomery, Washington Post

So let’s get this straight: influence-peddling local politicians drive their local and state governments bankrupt by pushing social programs and wacky environmental projects. Faced with deficits they seek to pay for their social programs by cutting education and essential services. Then faced with this “crisis” they created by mismanagement they seek money from the Obama administration.

So financially conservative states now need to fund irresponsible states. Iowans and Texans need to send their money to help politicians prop up their administrations in California, Chicago and Detroit. This fits in well with the Progressive aim to enact social and economic justice. It’s way past time for taxpayers to quit putting up with this nonsense.

NEW YORK: Yesterday’s record intraday crash in the stock market was not a result of trading error (see video below). There are enormous pressures on our financial markets due to profligate spending by out of control governments. Greece is just the first to fall due to  weakness in the Greek economy.

The US is not immune. Moody’s has issued three warnings to the US which could have severe repercussions if not heeded. The US has been able to stay behind Europe in the race to financial and social instability, largely because many of the socialist programs have not been implemented here as widely as in the EU, at least until now. However, the Obama administration is pushing full steam ahead in an effort to force the US to follow Europe’s bad example, an example we don’t want to follow.

It is our free market that has kept us out of trouble until now. Our productivity and hard work far outstrips Europe’s:

Let’s get real. There’s almost no comparison between the U.S. and Greece or other failed European states. By almost any measure, the United States has outperformed Europe for decades.

This is especially true when it comes to productivity, a fact that only now seems to be dawning on the people of Greece if not Europe in general. We have noted with interest that, from 2002 to 2008 alone, American productivity grew 28% — a rate 50% higher than among the 10 biggest economies in Europe.

From 1980 to 2009, real GDP per person — the best broad measure of both productivity and standard of living — grew 6% faster in the U.S. than in Europe. Sounds like a small difference, but it isn’t. In 1980, the average American produced just $4,500 more in GDP, after adjusting for inflation, than the average European. Today, the gap is $8,236 — and growing wider. Investor’s Business Daily

Yesterday’s intraday crash of 9% in just minutes set a record. As always there is always a rush to blame computer trading or some other glitch, anything to draw attention away from the underlying instability in the markets. Tom O’Brien of TFNN.com (below) makes clear that this was no trading fluke.

It’s time for hard-working, tax-paying Americans to wake up and fundamentally transform America ourselves. We need to throw out the career politicians who steal our money to buy votes from those who want a free ride at our expense.

DJIA Loses 1000 point in minutes

NEW YORK: The stock market sold off today in huge volume. A DJIA key support area of 9835 was nearly taken out as the Dow dropped 1000 points in minutes. Stocks recovered quickly but still ended the day down 3.2%. The selloff was in response to the collapse of the Greek economy and the enormous protests in that country due to conditions placed on bridge loans from the IMF and the EU.

Tear gas, riot police, fire bombs, rock throwing and violence abound in Greek streets as Greeks respond to inevitable reduction of benefits. One key benefit is their retirement age, as early as 50:

Vasia Veremi may be only 28, but as a hairdresser in Athens, she is keenly aware that, under a current law that treats her job as hazardous to her health, she has the right to retire with a full pension at age 50…

It is still difficult to explain to outsiders why the Greek government has identified at least 580 job categories deemed to be hazardous enough to merit retiring early — at age 50 for women and 55 for men. Read more…

Greek demonstrators scuffle with riot police. Photo AFP

ROME: Today Spain was added to the list of countries with severe debt problems. Standard and Poor’s cut Spain’s rating down from AA+ to AA. This step came just one day after S&P downgraded Greek debt to junk status, and Portugal was downgraded two levels. Today’s action spooked Italy’s investors enough to prompt a selloff in Italian government bonds.

European countries are faced with massive debts due to overspending on government entitlement programs and the result is general economic destabilization. Greece’s economic problems are spilling into the streets as a general default looms. Last week’s talks of EU and IMF bailouts have been met with resistance, and the result is an 80% chance of a Greek default this week. If so, French and German banks could suffer massive losses.

The NIP has warned repeatedly that overspending on government entitlements lead to unsustainable debt loads. The inevitable downgrades of the credit of sovereign states lead to civil instability. The US is not immune. Moody’s three warnings to the US signal a possible beginning of the end to US dollar strength and economic stability.

It’s time to throw out the politicians who buy votes with other people’s money. They are spending our countries into oblivion. Instead of putting their citizens to work, politicians all over the world support the unemployed with massive subsidies. Politicians care only for votes, not for the welfare of the countries they serve.