In several posts I indicated that the whole concept of Market Appeasement (Wall Street) was a dangerous and even absurd economic policy. The numbers are coming in and the hypothesis was correct, 'letting the markets dictate public policy leads to economic disaster.' The only people who benefit from austerity imposed measures are Wall Street. They get: higher interest rates, more guarantees that their investments are safe, elimination of those nasty social safety nets, a poorly funded educational system keeping the masses ignorant, and control over governments and politicians. Who benefits? Them-no one else. So here's what's happening in Europe, do we really want this to happen here, too?
Eurozone Unemployment Hits 10.9 Percent, A Record High
LONDON Record high unemployment for the 17 countries that use the euro is set to increase the pressure on Europe's leaders to switch from a focus on austerity to a pro-growth strategy to stop the region from moving deeper into recession.
http://www.huffingtonpost.com/2012/05/02/eurozone-unemployment-hits-record-high_n_1470237.html
Op-Ed Columnist
Death of a Fairy Tale
By PAUL KRUGMAN
Published: April 26, 2012
This was the month the confidence fairy died.
Fred R. Conrad/The New York Times
Paul Krugman ---For the past two years most policy makers in Europe and many politicians
and pundits in America have been in thrall to a destructive economic
doctrine. According to this doctrine, governments should respond to a
severely depressed economy not the way the textbooks say they should —
by spending more to offset falling private demand — but with fiscal
austerity, slashing spending in an effort to balance their budgets. http://www.nytimes.com/2012/04/27/opinion/krugman-death-of-a-fairy-tale.html?_r=1
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