Photo of the Day: Obama (Literally) Embraces Anti-Israel, Pro-Iran Islamist on the World Stage.

By Allan Hall
Last updated at 3:33 PM on 22nd November 2010


The world famous glass dome atop the Berlin Reichstag has been closed to all visitors as fears mount of an impending terrorist attack in the capital.

German parliament closed the dome, designed by Lord Foster, which thousands of tourists usually visit daily for unparalleled views of the city on Monday

The 116-year-old Reichstag building houses Germany’s parliament and is now thought to be the number one target for a commando squad plotting a Mumbai-style massacre.

Enlarge   Security has been stepped around the Reichstag, Germany's parliament in Berlin. This comes after fears of an attack by Islamic extremists Security has been stepped around the Reichstag, Germany’s parliament in Berlin. This comes after fears of an attack by Islamic extremists

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The summer of 2010 promises to be the most tumultuous summer in the short history of the European Union.  The sovereign debt crisis sweeping the continent threatens to cause economic and political instability on a scale not seen in Europe for decades.  The truth is that governments across the eurozone have accumulated gigantic piles of debt that simply are not sustainable.  Prior to the implementation of the euro, these European governments often “printed” their way out of messes like this, but now they can’t do that.  Now they either have to dramatically cut government expenses or they have to default.  But the austerity measures that the IMF and the ECB are pressuring these European governments to adopt are likely to have some very painful side effects.  Not only will these austerity measures cause a significant slowdown in economic growth, they are also likely to cause the same kinds of protests, strikes and riots that we saw in Greece to erupt all over Europe.

You see, most Europeans have become very accustomed to the social welfare state.  Tens of millions of Europeans aren’t about to let anyone cut their welfare payments or the wages on their cushy government jobs.  In most of the European nations that are experiencing big financial problems there are very powerful unions and labor organizations that do not want anything to do with austerity measures and that are already mobilizing.

As the IMF and the ECB continue to push austerity measures all over Europe this summer, the chaos that we witnessed in Greece could end up being repeated over and over again across the continent.  This could truly be Europe’s summer of discontent.

The following are just a few of the countries that we should be watching very carefully in the months ahead….

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“Euroland, burned down. A continent on the way to bankruptcy”
-The front page of Der Spiegel, May 5th, 2010