Killing Europe Cruelly With Economic Austerity

The European Union is embarked on the ruinous path of economic austerity during a recession.    


Across the break are a few highlights from Jeff Madrick's article on the destructive effects of the economic austerity measures implemented in the eurozone.

Quotation for Today

Today, America is an outlier among industrial nations. Its distribution of income looks closer to that of Argentina than, say, Germany.

So it is perhaps unsurprising that our recent economic crisis had some characteristics of boom-and-busts in less developed nations. It was triggered, in part, by 1 percenters on Wall Street persuading regulators to remove restrictions on their casino. 

Eduardo Porter

Porter, Eduardo. "The 1 Percent Club’s Misguided Protectors."  The New York Times 10 December, 2011: online edition.