Austerity Measures

Everyone in the financial sector knew that the austerity measures put in place by Greece, would not last, they were just buying time to try to force the Central Banks to come up with a new stimulus package; it did not materialize since all the central banks are tapped out, and any more stimulus will send inflation into the stratosphere. I mentioned in an older post there would be riots in the streets of Greece as a result of the austerity measures ... Greece will collapse into a monetary disaster within 6 months, followed by Spain, Portugal, Ireland, Italy ... Guess who is next?

"Euro zone paymaster Germany has warned there would be 'consequences' to an anti-bailout vote and the EU and IMF insist whoever wins the election must stick to austerity if they want to receive the aid that keeps Greece afloat."

So, the paymaster is demanding that Greece continue "austerity" measures that plunged the country into economic collapse? I don't blame the Greek people for being outraged just as Americans should be outraged at the Republican "austerity" political agenda.

The term "austerity" really means transfer of wealth from citizens to rich barons and corporations. It didn't work in Europe and it won't work in America. Just about any economist knows that you don't cut spending in a depression, quite the opposite is required to spur growth.

Here in America the only reason employment is still high is because Republican governors are cutting government jobs across the nation. The jobs report shows that private sector jobs have made a good rebound and the lackluster jobs numbers reflect steep job cuts in public jobs. This is part of an agenda to undermine government and the economy so they can turn around and blame Obama and the 1% can cash in, yet again.

Let Greece and the rest of Europe be a lesson for those that insist that cutting stimulus will somehow boost growth or cut the deficit - it will do the opposite.

The German banks loaned Greece money so they could afford to buy German products. Its not anybody's fault that THEY decided to scrape the bottom of the barrel for loans but THEIRS ... I hope Greece takes them for every mark they can and THEN goes bust. Why? Because, haven't you heard, greed is GOOD!