2009 Gloom & Doom Update: Protests in Ireland & Latvian Govt Collapse

A few weeks ago, there were reports of protests in Latvia, amongst several other countries (see previous post). Now, the Latvian government has resigned. That makes two governments that have collapsed so far, directly attributable to the economy.

There are now protests in Dublin, Ireland about the economy, and strikes are expected soon.

Let’s see how far the ongoing protests in various countries will go. It is a matter of time before people acknowledge that the recession (2 quarters of negative growth or unemployment increase by 1.5% in 12 months) is actually a depression (GDP declines by more than 10%) in certain countries.