Tag Archives: contraction

By William K. Black

The two most revealing sentences about the gratuitous Eurozone disaster – the creation of the deepening über-Depression – was reported today.  The context (rich in irony as I will explain) is that U.S. Treasury Secretary Lew spent his Spring Break in Europe meeting with his counterparts.  The Wall Street Journal’s article’s title explains Lew’s mission and its failure: “U.S. Anti-Austerity Push Gets Cool Reception in Europe.”  Here are the sentences that capture so well why Germany’s destructive economic policies caused the über-Depression:  ““Nobody in Europe sees this contradiction between fiscal policy consolidation and growth,” said Mr. Schäuble. “We have a growth-friendly process of consolidation.” Continue reading →