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In late February, he told Wall Street Journal interviewers that forced austerity is firm policy. Enforcing it he claims will return troubled economies to long-term prosperity. In other words, starving people fills bellies. Withholding treatment cures patients, and destroying villages save them.
Journal interviewers never asked him to explain:
- what right have bankers to prioritize their demands over sovereign state needs;
- how can ritual sacrifice increase demand; and
- how can 17 dissimilar economies coexist under straightjacket Eurozone rules.
Instead, they unquestioningly accepted his assertions about needed austerity and ending Europe's "obsolete" social contract.
"There is no feasible trade-off" between social and labor related structural changes and fiscal belt-tightening, he claimed. Only banker demands matter. Draghi and Lagarge enforce them. Corrupt politicians go along.
In a recent talk, Michael Hudson said:
"Welcome to the post-industrial economy, financialized style. Industrial capitalism has passed (through) a series of stages of finance capitalism from the Bubble Economy to the Negative Equity stage, foreclosure time, debt deflation, austerity - and what looks like debt peonage in Europe, above all for the PIIGS: Portugal, Ireland, Italy, Greece and Spain."
Latvia, Estonia and Lithuania were also raped and pillaged. Debt bondage forced large numbers to leave or starve. EU nations perhaps await the same fate. Forced debt deflation, foreclosures, unemployment and poverty's driving them all toward eventual third world status.
Perhaps mighty Germany will succumb. With fewer customers to fuel exports and weaker domestic demand, it's economic miracle may melt and become mirage.
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