Isn’t this just about the best summary of Europe’s problems you’ll see? Beyond briliant:

… the unsustainable "bubble" is not student debt or subprime mortgages or anything else. The bubble is us, and the assumptions of entitlement.

Too many citizens of advanced Western democracies live a life they have not earned, and are not willing to earn. Indeed, much of our present fiscal woe derives from two phases of human existence that are entirely the invention of the modern world.

Once upon a time, you were a kid till you were 13 or so; then you worked; then you died. That bit between childhood and death has been chewed away at both ends. We invented something called "adolescence" that now extends not merely through the teenage years but through a desultory half-decade of Whatever Studies at Complacency U up till you’re 26 and no longer eligible for coverage on your parents’ health insurance policy.

At the other end of the spectrum, we introduced something called "retirement" that, in the space of two generations, has led to the presumption that able-bodied citizens are entitled to spend the last couple of decades, or one third of their adult lives, as a long holiday weekend.

The bit in between adolescence and retirement is your working life, and it’s been getting shorter and shorter. Which is unfortunate, as it has to pay for everything else.

This structural deformity in the life cycle of Western man is at the root of most of our problems. Staying ever longer in "school" (I use the term loosely) leads to ever later workplace entry, and ever later (if at all) family formation. Which means that our generation is running up debt that will have to be repaid by our shrunken progeny. One hundred Greek grandparents have 42 Greek grandchildren. Is it likely that 42 Greeks can repay the debts run up by 100 Greeks? No wonder they’d rather stick it to the Germans.

But the thriftier Germans have the same deathbed demographics. If 100 Germans resent having to pick up the check for an entire continent, is it likely 42 Germans will be able to do it?

Look around you. The late 20th century Western lifestyle isn’t going to be around much longer. In a few years’ time, our children will look at old TV commercials showing retirees dancing, golfing, cruising away their sixties and seventies, and wonder what alternative universe that came from. In turn, their children will be amazed to discover that in the early 21st century the Western world thought it entirely normal that vast swathes of the citizenry should while away their youth enjoying what, a mere hundred years earlier, would have been the leisurely varsity of the younger son of a Mitteleuropean Grand Duke.

… In the world after Western prosperity, we will work till we’re older, and we will start younger – and we will despise those who thought they could defy not just the rules of economic gravity but the basic human life cycle.