While Brussels Burns In "Anti-Austerity" Riots, Here Is The Real Reason For Europe's Depression

Via Jonathan

Riot police clashed with demonstrators in the Belgian capital of Brussels on Thursday amid a massive protest against government plans to reform the country’s welfare system. This comes on the heels of violent French, Italian, and Spanish youth protests in recent weeks as the citizens of the non-Germanic European Union decry the 'austerity' they have been crushed by. What is odd, though, is externally, there has been 'no' austerity with debt loads rising for all these nations and debt/GDP at record highs for most. So where is the disconnect between a people under increasing financial pressure and a sovereign issuing more and more debt at will? The Telegraph has the stunning answer:

an audit, published this morning, found that £109 billion out of a total of £117 billion spent by the EU in 2013 was "affected by material error”. Brussels accounts have not been given the all clear for 19 years running. In other words, Brussels 'embezzles' billions of euros per year, and blames it on austerity. Is it any wonder, Europe is burning?

More @ Zero Hedge