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Ron Paul is getting a hearing from young voters and old ones. Both age groups think the two major parties are corrupt.

This is not limited to the United States. Across Europe, the established parties are facing revolts.

This is a prelude to real political change. The voters did not care until it hit their wallets. Now they care. Too late. The politicians ran up the debts. These debts are coming due. No one has a solution.

There is only one solution: the Great Default. It’s coming.

In the meantime, the political parties face defections. Voters have lost faith. They see the politicians as liars, which in fact they are.

Fort 36 years, Ron Paul alone told the truth. That’s why he draws crowds. That’s why the Establishment fears him. He beat the system. He is creating the foundation of a grassroots take-over of the Republican Party.

In Europe, there are nationalist parties. They are not committed to free entereprise. No party in Europe is. So, European voters are stuck.

Here is the situation in Greece.

Mass defections from the ruling parties by the elderly, once their most loyal voters, will lead to a crumbling of support on May 6, pollsters say. About 30 percent of Greece’s 9.85 million strong electorate – 2.8 million – is over 65.

At the other end of the spectrum, legions of young voters are also turning their back on the two parties that have taken turns ruling Greece for the last four decades. About 15 percent of the electorate – 1.4 million – is 18 to 29.

The unemployment rate for Greeks under the age of 25 tops 50 percent. Hordes of young Greeks who have seen their career hopes destroyed by the economic implosion are also expected to turn their backs on ND and PASOK, pollsters say.

There are few jobs. Young people 18-25 face a 50% unemployment rate.

It is the same in Spain.

This is why Europe is a tinder box politically. If the economy sinks, then there will be defections from traditional parties. Gridlock will result. The parliamentary system will prevent orderly government. No one will have a majority. Coalition governments, as in the United Kingdom, will rule. Coalition governments cannot get anything done.

This is what happens at the end of a political tradition. The defections are everywhere. There are no politically viable answers.

Then comes national bankruptcy.

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May 2, 2012

Gary North [send him mail] is the author of Mises on Money. Visit http://www.garynorth.com. He is also the author of a free 20-volume series, An Economic Commentary on the Bible.

Copyright © 2012 Gary North