The troika has consigned one-third of the Eurozone to a gratuitous Great Depression
I have written several articles recently describing Spain’s continuing Great Depression levels of unemployment and the absurdity of the troika’s policies with regard to the “threat” presented by “deflation.” The troika consists of the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF).
Posted in William K. Black
Tagged depression, France, Italy, mario draghi, Ollie Rehn, spain, troika
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
Posted in William K. Black
Tagged austerity, contraction, debt reduction, depression, lew, obama, Rehn, Schauble, über-Depression
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