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It is good that Europe has been able to use baling wire and bubble gum to get past the immediate crisis, but they are far from fixing the real problems underlying the crisis. All of this should bode well for US real estate. The real issue in Europe is the underlying politics of the entitlement state where nobody really needs to work hard because you can’t really get fired, and if you are unemployed there is money from the state to keep you living well. Between unemployment and health care, and other socialist programs, you are not left in tough straits. Add to this the crushing red tape and bureaucracy, and the corruption still prevalent in some countries, and there is no incentive to start new businesses. This is especially true in Greece and Italy. Lastly, there are several of the problem countries where few pay taxes and none pay accurate taxes. Everyone has a good pension and nobody has a sense of fear of going hungry. Add to this the spectacle of Berlusconi who has for felony charges against him and who has parties with seventeen year old hookers. The fate of the Euro and in turn the world economy hangs on a guy like that.

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