I don’t know how many stories I can do just showing statistics of the Eurozone to prove that austerity in a depressed economy is disastrous. But while they’re boring to me creatively, they’re important to build an unassailable fact pattern, one that stresses how backward Eurozone (and U.K.) fiscal policy has become.
Unemployment in the euro zone reached its highest level in almost 15 years in February, with more than 17 million people out of work, and economists said they expected job office queues to grow even longer later this year.
Joblessness in the 17-nation currency zone rose to 10.8 percent – in line with a Reuters poll of economists – and 0.1 points worse than in January, Eurostat said on Monday.
“We expect it to go higher, to reach 11 percent by the end of the year,” said Raphael Brun-Aguerre, an economist at JP Morgan in London. “You have public sector job cuts, income going down, weak consumption. The economic growth outlook is negative and is going to worsen unemployment.”
For all the faults of US fiscal policy, we have not engaged in anything as profoundly stupid as this, try as policymakers might. The only near-term policy on the horizon in the Eurozone and U.K. is more austerity. Spain just introduced their austerity budget. The fiscal pact signed by all Eurozone nations calls for budget targets that force more austerity. The poverty of thinking there and in the U.K. is almost incredible.
Associated with that is the way in which much of the media turned away from Europe as soon as the banking crisis lessened in impact. Once the threat of default subsided, and the only suffering fell on millions of ordinary European citizens, suddenly the news fell off the front page. And this lack of global pressure is unquestionably very helpful to the Eurozone leaders implementing their austerity policies.
The only hope of anything useful to come out of this mess is as an object lesson. That’s why the story of the austerity-induced Eurozone recession must never be forgotten.




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No pain No gain David.
How you can continue to support the policies that led these countries down this path is beyond me. The quicker these parasites can be removed from the system the better. The U.S. is next, and frankly long over due.
The countries that have cut back the most and longest should have the greatest unemployment. Factoring in what unemployment was before the crisis.
Who are those countries?
Factoring in of course the social spending programs in those countries and the savings rate higher savings rates means people still have money to spend.
You are sooo wrong dday. Austerity is doing just what it’s supposed to do: allow Israel (among others like Goldman Sachs) to loot Greece.
At least one stat shows the UK is back to growth
http://economictimes.indiatimes.com/news/international-business/uk-manufacturing-growth-at-10-month-high-as-orders-rise-pmi/articleshow/12503620.cms
By “parasites” I assume you’re speaking of the 1%ers.
I think you clinched it with “the poverty of thinking”.
We (the collective worlds people) are led by incredibly vain, greedy, and stupid people. The American Nightmare brought to you by The Street with the Euro Bubble underwritten by London’s City. Same shitty bets sold to government rich-man-wannabe deciders using our credit card for the buy in and out because Chamberlain was an appeaser: Schwarzman fiercely denounced initiatives by the Obama administration: “It’s war. It’s like when Hitler invaded Poland in 1939.” http://www.salon.com/2012/04/01/how_billionaires_destroy_democracy/
The Smartest Guys in the Room do realize there are 5 billion more people in the world than there were in 1930 don’t they? Do they really know what they’re doing? We.Are.Fucked.
Yea, definitely those providing jobs and shouldering the tax burden for all you welfare queens. They are the parasites……..All that providing jobs and investment capital. What a bunch of pricks…
1% is less offensive. We don’t want to piss those people off. You know what they say, “He who has the gold, makes the rules.”
Is that you Mitt??????
Oh, those parasites, the “job creating welfare aristocracy.” Do the country a favor and immigrate to Somalia, a utopian model for your failed ideology.
We haven’t yet gone down the austerity road, but it isn’t because the conservatives in both parties aren’t trying. Look at the Ryan budget proposals, the budget deal with its mandatory cuts, and the negotiations for the massive cuts between Obama and Boehner.
I do not see how anyone could benefit in the short term from these austerity policies. Of course, the rich benefit as they drive down wages, but that is a long-term benefit, and may be sharply reduced by a related drop in consumption.
I think austerity is about the rigid ideology displayed by the likes of shooter242 than any rational approach to facts about actual economies.
Horseshit.
Can’t be Santorum, even he’s smarter than that.
And let me add that these austerians include the fools who can’t comprehend factual data and turn it into cogent thought.
That is some leap toe. I don’t think anyone is calling for Somalia. The argument is for a fair tax policy. Nothing more fair than a flat tax. Then we can put this class warfare to bed.
How much did Steve Forbes pay ya to come here and tout that super piece of shit, the flat tax?
good one. Typical argument from you.
punkassspit, you are a prisoner of a failed ideology. The “flat tax”, that’s hilarious.
Its all about paying your “fair share” right. You want Buffet and his secretary to pay the same rate, well there you go.
You’re right, I call ‘em like I see ‘em and your horseshit is just that, horseshit.
failed ideology? Capitalism? You mean the one that made the United States the richest and most powerful country in the world?
ok simpleton
ahhh. You finally admit it. Good for you. class warfare
you stated it right there…
After reading your commenting past,
it’s gotta be tough coming over here amd flinging this crap.
You on the clock or is this gratutious?
As far as a decent troll I rate you lower than shooter.
Didn’t take ya long to resort to name calling.
just came from Europe,they are in much better shape than we
they have a real middle class,and a safety net,and i bet our unemployment #s are more like 18 to 20 %
Your argument consisted of calling an argument horseshit without anything else. That is a pretty simple response from what appears to be a simple mind.
sweet I have a stalker
not to mention,they have concerned,informed citizens….
Your argument isn’t an argument, it’s a talking point, an old, lame talking point at that.
The adults are talking. Here’s a graham cracker, now go outside and play.
when will Merkins wake up?
/
Please do a diary.
I’d be interested in your first hand observations.
Crony unregulated capitalism is a failed ideology but obviously you lack the sophistication or insight to know the difference. Capitalism is capitalism is capitalism. How convenient and how intellectually dishonest.
Because you say it doesn’t make it so.
Alcon ear drops Walgreens 80$ as a copay,750ml
Alcon eardrops(made in (Phillipines) 2.5 Euros (France)
okay …why?
And they also have an active left wing. The U.S. has reactionaries, regressives, blue dogs and dipshits.
unregulated? What industry in this country isn’t subject to regulation? Oil, Food, Banking? Regulation is an important part of a well functioning market. Its the over regulation for show like Dodd-Frank that hurt the economy and its participants.
Lots of empires pre USA could make that claim. They don’t today. The USA will join that list. It’s unavoidable and everyone knows it.
i just dont have the energy to fight the concern/conventional wisdom crowd here anymore,they are draining….ill tell you this much,i didnt see any cars on the street,that were old,and dilapidated…i will produce some photos of my observations however.
I know you are but what am I?
Right, the financial “industry” was so burdened with regulations they were able to merely crash the economy. Your nothing more than an ideological marionette.
and dumbasses here at FDL who uphold conventional wisdom
Bayer owns Alcon
beat goes on
Who is going to surpass the U.S.? China? A country that continues to embrace capitalism….Who would have thought it. The socialist ideology of Western Europe has proven to be a failure. The top 10% cannot be expected to carry the water for the rest of the population.
Where you in France? Last time I was there several years ago I had to go to a doctor and have 3 prescriptions for a bronchial condition. Total cost for a physical performed by an English speaking women physician and the 3 prescriptions, $35. Priceless.
Crash the economy? When your neighbors stopped paying the mortgages that was some how teh fault of the banks? What happened to personal responsibility? Don’t borrow what you are incapable of paying back. Its the nanny state which led these deadbeats to over leverage, not the financial industry.
shit, would cost me $30 in the states. $20 co-pay and $10 for the prescriptions.
As the comments grow your intellect shrinks.
yea….i had a root canal there for 85 Euros,here they wanted 1500.the doctors in France are wonderful
You must be quite the man/woman to feel good about reaching into the pockets of your neighbors and robbing them of the benefits of their hard work.
you lie
What don’t you understand about capitalism, by definition there will always be a top 10 percent. Was there not a top 10 percent in 1955 with a massive top marginal income tax rate?? Of course there was. There was also a top 1 percent. How badly is Sweden failing anyway? What is it about life that has you so baffled?
you are also a sophmore…hint hint its Greek
You just proved my last point again.
A benefit of having a job I suppose.
also yesterday the farmers here were struck down in court
gmo corn
http://www.nationofchange.org/massive-public-protests-spur-france-ban-plantings-monsanto-s-mon810-gmo-corn-1333290394
On the heels of ongoing, massive protests against genetically modified organisms (GMOs), French agricultural officials have announced that plantings of Monsanto’s MON810 GM corn, which contains built-in Bt toxin, will no longer be permitted within France. Reports explain that the moratorium is only temporary, but since there is no indication that opposition to the “Frankencorn” will cease anytime soon, the ban could last indefinitely.
Last November, French authorities lifted a longtime ban that prohibited French farmers from planting MON810, a move that spurred nationwide backlash and protest. But less than six months later, the voices of the people have spoken so loudly that the ban has now been reinstated as a “precautionary measure” in order to “protect the environment.”
S/he’s takin’ lessons from shooter.
you lie like a rug….
The top 10% are paying 50% of federal income taxes. The system is now dominated by people without any skin in the game. Its coming crashing down, but as a result of the bottom 50% not the top 1%.
yes real demonstrations
ongoing, massive protests against genetically modified organisms (GMOs),
go collect your 7.25 per hour,and preach your lies to the rubes
Some people are so enslaved by ideology they are less than human.
Explain to me how you develop a mindset where you feel someone living below the poverty level is taking advantage of Charles Koch and Warren Buffet? They are reaching into their pockets and robbing them of their benefits? Explain to me how you develop that mindset where Koch and Buffet are being taken advantage of in this country?
Don’t expect much from those with minds enslaved by ideology and corporate propaganda. The Koch Brothers are well pleased with one of their creations.
Organic growers file notice of appeal
* Ruling criticized plaintiffs for creating “controversy”
By Carey Gillam
March 28 (Reuters) – A group of U.S. family farmers said on W ednesday it is appealing its lawsuit against Monsanto Co to challenge the company’s patents on technologies for genetically modified seeds.
The group of organic farmers and seed dealers says its industry is at risk from Monsanto’s growing market dominance.
“Farmers are under threat. Our right to farm the way we choose, and to grow pure organic seed and healthy food on our farms for our families and for our customers is under assault,” said Maine organic seed farmer Jim Gerritsen, president of the Organic Seed Growers and Trade Association, lead plaintiff in the case.
The group sued Monsanto in March 2011. U.S. District Court Judge Naomi Buchwald, for the Southern District of New York, threw out the case last month, criticizing the groups for a “transparent effort to create a controversy where none exists”.
IT….is payed…not handsomely,its Koch astroturf
Its not about Koch or Buffet. Its about the couples making between 250k and $1 mil a year that are getting taken advantage of. Its those people driving the federal revenues from higher tax rates, Not the Forbes 40 list.
Bwahahahahahahahahahahahahahahahaaahhahahahahahhapuntpassprick
left you 2 links at the diner
IN the end punt, the last time I participated in a thread several days ago our discussion ended with me making the statement that if you want the bottom 50 percent to pay more federal income tax the solution was simple…pay them much more money for the work they do…your counter argument was that it would drive inflation through the roof. My final comment was then what are you complaining about and you had no response…zero. You are unable to grasp simple facts. You argue with yourself and your arguments refute what you state. You are mentally masturbating with yourself.
That is the best you have?
Luke Russert(stellar thinker)million dollar job at GE interviewd (Bill i signed the Grahm Leech bill)Clinton
I want the bottom 50% to pay the same rate as the top 50%. Flat tax is the solution in putting an end to this class warfare nonsense.
you are quite comical,thanks for the laugh
hahahahahahahahahahahahahahahahahahahahahaaaaa
po,po,quarter of a million earners!
hahahahhahahahhhha
as if you’ve got anything, other than your talking points.
end class warfare,burn down the Bastille
…and what pray tell would that magic flat tax rate be that would solve all problems as they exist??
and that would end “class warfare.” You really are an idiot.
I’m not sure where you are. Probably some nothing backwoods town. Try raising a family in NYC, San Fran or LA where your effective tax rate pushes 50% on 250k.
You really don’t know any economics, do you. If you did, you wouldn’t embarrass yourself. Please try to defend your point, if you actually have one, which is doubtful. You have to know by now that you are dealing with pros here, not the economasturbators you seem to fancy.
people will have to get in the streets,like the4 million that attended BHO inaug…….ASK HIM wheres the change you promised
It would end the “fair share” argument that people of your ilk relentlessly spout.
We begin mild austerity January 1.
http://www.washingtonpost.com/business/economy/end-of-payroll-tax-holiday-sets-up-harder-hit-for-taxpayers/2012/02/16/gIQAnxqTMR_story.html
po,po quarter of a million earner,stop living ABOVE ,your means,you dont need a new ipad EVERY year
hahhahahahahahahhahahahahhhaha
and world travelers
I suppose this point will come up again, and I will make it again, but it is really mind-boggling that it is the Europeans and not the Americans who are fucking this up so completely. We only fucked it up 50 percent. Here’s my explanation. Starting in the 1980s a lot of young would-be European economists started to attend US graduate schools, where they learned game theory, real business cycle, and all the stuff that is the theory behind fucking up the economy. The US still has a stock of reasonably well-trained economists from the 60s like Stiglitz and Janet Yellen, and a late holdover from the 70s like Krugman, who still remember what real macro economics is all about. The Europeans were molded into the neoconservative frame from the get-go. A quarter of a century later, they are in policy-making positions, and fucking up in ways that are still inconceivable here, unless Paul Ryan gets his way.
you dumbass,my father paid 90% in the 60s
Sonny, my work in economics has been cited by the Nobel Prize Committee. What’s your creds?
What would be the flat tax rate that would solve all problems in this country? Pretty easy question to answer there, no?
Pros as in prostitutes? Works for me.
Heh.
Hey dumbass, Maybe you haven’t noticed but the world looks a little different than it did in the 1960s.
Scandinavia protecting its own?
What kind of tinfoil hat wearing nonsense is this?
“Don’t feed the troll.”
your arguments are the product of an empty head,and souless upbringing,are you a good Xtian too?
i do it for the Lurkers
hahahahahaahhahahaaha
I’m sorry you don’t see the difference between the world in 2012 and the world in 1960. Perhaps you need some sort of institutionalization. Have to run its been nice chatting with you.
I had the same experience three years ago. I had an attack of shingles (Zona in French) on my forehead and was in danger of losing my sight. A friend told me what I had (I thought it was just headaches), and sent me to the emergency room across the street from Notre Dame. The care was amazing. For the next 8 weeks I saw a specialist at the top institute for this kind of disease in France at La Pitié-Salpetrière. What with the medicine and the 30 euro per visit charge, the whole thing came to about 730 euros, all of which was reimbursed by the Quebec health plan upon my return. The care in France, the professionalism of all the staff, from the intake clerks to the physicians, was just amazing. I can’t say enough good about the quality of care there.
yea and the JC Penny CEO,just made 53,000,000.00$ last year…hes a real pro
paperpusher
What federal income tax flat tax rate that you have been heavily promoting should be instituted. You’ve obviously studied economics extensively and as you’ve stated, I have not. I am a scientist, no degrees related to economics whatsoever. Please don’t say it’s the Alan Keyes economic plan. What’s the magic rate??
Plus ça change, plus c’est la même chose
its French hahahahaha
same fools difffernt day
ditto
i would love to live there
gota run
O R G A N I Z E!
I will take a moment to elucidate a few differences.
From 1967 to 2003, the top 5% of earners in the US increased their earnings by more than 70%. In that same time, the median earners increased their earnings by only about 30%. It has been even worse for the lower percentile earners. Thus, income disparity has increased.
From 1967 to the 2000′s, financial markets have been progressively DE-regulated. Regulation on financial markets has not generally increased.
During that same time, jobs have been increasingly outsourced from the US to other countries, thereby increasing unemployment in the US. Who did that? Answer: the top 1%, to increase their own profits.
I don’t know if I would call it class warfare as you did earlier. I might call it “robbery”, though.
There are glaring examples of the US implementing disaster capitalism already. What else do you consider the response of the government to Katrina to be. The austerity policy is just a part of the privatization of government functions to benefit corporations. We also see this in the prison industry, as well as disaster response and even healthcare for the armed forces(the fiasco at Walter Reed).
That was only for part of the year, I read that he was actually only the CEO for two months, though he’d been around since some time in August.
All you need to know about a flat tax is that it’s what Forbes championed in his bid for the presidency. His interest doesn’t coincide with the 99%.
No need of an object lesson. A race governed by natural sympathy and loss aversion is provided with fables to get them to accept vast inequalities and dreadful, self-induced instabilities.
Liars have won. So we get more liars.
That includes “pragmatic” capitalists.
Hope you weren’t late to the circle jerk.
Rather telling that the troll’s response to you @89 is full of misspelled words. He doesn’t know the proper use of ‘their/there”, spells “fellating” incorrectly, and can’t type “nonsense” without a hyphen, all while casting aspersions on those commenting in.re. their educational levels. He also seems to think that college degrees are an accurate measure of one’s intellect, knowledge, and wisdom. Quite the fool.