Food for Thought! Orthodox economists and private bankers are in constant denial with reality. The only answers to the EU/EZ crisis they continue to propagandize are free market reforms and fiscal consolidation. Free market reforms they mean end of all forms of regulation and supervision of market practices of corporations, cuts to progressive taxation, termination and privatization of social programs of public utility and abolishment of all accreditation rules to business based on the excuse that they represent bureaucracy! Fiscal consolidation they mean bail out of the management and ownership of banks, bail in of private deposits and assure repayment of state debt not with growth and lower interest rates but with higher taxes to wages, pensions and property taxes regardless of income and drastic cuts to state spending including public investment projects. I ask how successful was this program? Higher unemployment, steep rises in poverty levels in the EU periphery, income inequality, and stagnant economic activity, while lower interest rates have failed to reduce but ended rising levels of state debt ratios! Did the learn from this experience? Not really but they continue to promote the same stupid policies! I say, its time we find them responsible and seek compensation from them for all the damage they cause the people of Europe!
Posted on: Tue, 19 Aug 2014 20:09:00 +0000
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