Video: 5 lessons from the European fiscal crisis
Italian Finance and Economics Grad Student Explains What Happened in Italy
[youtube=http://www.youtube.com/watch?v=rZzJE7i8JWY]
1 - Higher taxes lead to more big government spending spending, not lower deficits. Politicians will spend until they run out of other peoples money. Some Euro states are now confiscating the retirement accounts of seniors to spend.
2 - Do not let politicians pass a VAT tax. It allows government to put on massive taxes that are disguised as inflation. Politicians will then say that corporations are gouging you, thus justifying more big government take overs.
3 - Big government not only slows economic growth and drives wealth and investment (jobs) away, but it cripples the human spirit.
4 - Nations reach a dangerous tipping point when a majority of people live off the government.
5 - Bailouts don't work because politicians will continue to spend too much. Several Eurozone countries will never be able to pay back the loans.