Oxy, as we saw in an conversation earlier this week, even the original architect of Canada's welfare system admits now that it has FAILED.  England's nationalized healthcare is so bad it needs no further comment.  Most of the remaining nations of Old Europe are holding on for a time, but it will not be long.

To some extent, Oxy, Socialism HAS triumphed in Western Europe.  That is why those nations face ultimate fiscal collapse.  They are "way ahead" of us on that score.  It is the nations of Eastern Europe (along with outriggers, like the plucky Irish) that are experiencing economic growth and increasing their propserity.

The Socialist welfare state is not a sustainable economic model for the long run and WILL result in ultimate economic implosion for any that try.  Eastern Europe and the old Soviet Union took that model to its ultimate conclusion during the last century, with the results available for all to see.  And yet some in the world today still, against all logic, push for collectivism and Socialism. 

As has been said, the definition of insanity is trying the same thing over and over and expecting different results - a lesson the US apparently will need to relearn just as Western Europe is learning it.

I will take my hits along with everyone else - but I have much larger positions in gold/gold shares, metals and commodities than most.  If as is likely the first decade and a half of this century turns out to be another like the late '60's and '70's, I will just wait it out. I figure I can afford to do so, even though I will be getting a bit long in the tooth by 2015 or so.  In the meantime, perhaps the golf courses will be less crowded.

MWL