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"It cannot mount an appropriately expansive fiscal policy because of the restrictions of the EU's growth and stability pact. The pact is a double oxymoron - preventing effective counter-cyclical fiscal policies harms growth and stability throughout the Eurozone."
In other words, 17 Eurozone nations surrendered their monetary and fiscal sovereignty to central bank authority in charge of controlling their economic and financial policies, not themselves. It works in good times, not bad.
Today, it's crushing debt-burdened Greece, Ireland, Portugal, Belgium, Spain and Italy. Expect the Netherlands, Austria, France, and perhaps Germany to follow if they keep throwing good money after bad.
Nothing's more counterproductive than pursuing wrongheaded policies and expecting one day they'll work. Economies become subordinate to financial oligarchs. Debt slavery and insolvency follow. Nations become fiefdoms. People face neoserfdom. Freedom heads for extinction. Can revolutions be far behind?
New York Times in Denial
Pursuing its familiar supportive wealth and power role, a November 29 Times editorial headlined, "Germany's Denial, Europe's Disaster," saying:
Facing "economic meltdown," Germany's Merkel "is still blocking what is needed: a real bailout of Europe's weakest economies by their richer neighbors or the European Central Bank."
Fact check
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