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Austerity demands public sector layoffs, wage and benefit cuts, and unrestrained economic freedom, unfettered of rules, regulations, onerous taxes, and trade barriers.
Governments work best by getting out of the way to give private business free reign. Financialized economies empower bankers most of all. Money power in private hands and democracy can't coexist.
Troubled Eurozone countries now suffer most. Throwing good money after bad delays decision day at the price of far greater trouble on arrival.
Greece highlights what other debt entrapped countries face, including bankruptcy, mass impoverishment, and growing anger threatening revolution.
Pledging an "ambitious and comprehensive" debt crisis solution, Eurozone leaders sold out to bankers.
Europe's debt problem is too great to solve. Throwing good money after bad compounds it. Eastern Europe is deeply troubled. Greece, Portugal, Ireland, Italy and Spain owe up to $6 trillion.
Allegedly less than one-fourth was pledged, but sketchy details leave many unanswered questions. European debt is triple the size of Germany's economy. Its banking giants are insolvent. So are France's. Solutions tried so far failed. Wednesday's deal may be worst of all.
On November 23, a congressional "Super Committee" must agree on $1.2 trillion in spending cuts. Republicans won't raise taxes. Democrats oppose greater social safety net cuts.
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