04-23-2013, 09:44 AM
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Frater Aegagrus
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Join Date: Aug 2012
Location: Seattle, WA
Posts: 1,185
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Related article
Quote:
EU Backs Off Austerity
By Staff Report
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Limit Austerity, EU Official Says A top European Union official signaled his support Monday for relaxing Europe's austerity drive, in what could be a significant break for countries struggling to hit tough budget targets amid persistent economic weakness. In a speech, European Commission President Jos� Manuel Barroso said the policy of austerity pursued by the EU in recent years no longer has the public backing needed to work. � Wall Street Journal
Dominant Social Theme: Austerity will work if we maintain sufficient rigor.
Free-Market Analysis: Like the leaders of Germany's pre-war National Socialist Party, the leaders of the European Union have maintained an implacable rigor when it comes to the restatement and continued application of their failing policies.
The IMF-style austerity that they've have inflicted on Southern Europe with considerable blood-letting has shattered families, ripped apart communities and torn down the larger economic fabric. There is perhaps not a single economy that is the better, so far, for the stern medicine the IMF and the EU have been prescribing.
The problem lies in the cure, which despite the term "austerity" is hardly austere from a governmental perspective. Higher taxes, aggressive tax collection and increased regulation are all part of the equation that has been inflicted on the PIGS of Europe.
Interestingly, the speech by Barroso (see above excerpt) resolutely avoids these issues, preferring to concentrate (predictably) on money printing. Here's more from the article.
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