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Economy
In reply to the discussion: STOCK MARKET WATCH -- Monday, 27 February 2012 [View all]Demeter
(85,373 posts)27. Krugman: How Europe's Leaders Tanked its Economy Through Moralizing and the Austerity Fantasy
http://www.alternet.org/newsandviews/article/805629/krugman%3A_how_europe%27s_leaders_tanked_its_economy_through_moralizing_and_the_austerity_fantasy/#paragraph4
Pain Without Gain By PAUL KRUGMAN
http://www.nytimes.com/2012/02/20/opinion/krugman-pain-without-gain.html?_r=2&pagewanted=all
Last week the European Commission confirmed what everyone suspected: the economies it surveys are shrinking, not growing. Its not an official recession yet, but the only real question is how deep the downturn will be.
And this downturn is hitting nations that have never recovered from the last recession. For all Americas troubles, its gross domestic product has finally surpassed its pre-crisis peak; Europes has not. And some nations are suffering Great Depression-level pain: Greece and Ireland have had double-digit declines in output, Spain has 23 percent unemployment, Britains slump has now gone on longer than its slump in the 1930s.
Worse yet, European leaders and quite a few influential players here are still wedded to the economic doctrine responsible for this disaster.
For things didnt have to be this bad. Greece would have been in deep trouble no matter what policy decisions were taken, and the same is true, to a lesser extent, of other nations around Europes periphery. But matters were made far worse than necessary by the way Europes leaders, and more broadly its policy elite, substituted moralizing for analysis, fantasies for the lessons of history...
MORE AT BOTH LINKS
Pain Without Gain By PAUL KRUGMAN
http://www.nytimes.com/2012/02/20/opinion/krugman-pain-without-gain.html?_r=2&pagewanted=all
Last week the European Commission confirmed what everyone suspected: the economies it surveys are shrinking, not growing. Its not an official recession yet, but the only real question is how deep the downturn will be.
And this downturn is hitting nations that have never recovered from the last recession. For all Americas troubles, its gross domestic product has finally surpassed its pre-crisis peak; Europes has not. And some nations are suffering Great Depression-level pain: Greece and Ireland have had double-digit declines in output, Spain has 23 percent unemployment, Britains slump has now gone on longer than its slump in the 1930s.
Worse yet, European leaders and quite a few influential players here are still wedded to the economic doctrine responsible for this disaster.
For things didnt have to be this bad. Greece would have been in deep trouble no matter what policy decisions were taken, and the same is true, to a lesser extent, of other nations around Europes periphery. But matters were made far worse than necessary by the way Europes leaders, and more broadly its policy elite, substituted moralizing for analysis, fantasies for the lessons of history...
MORE AT BOTH LINKS
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Not to mention the rampant fraud and theft that just occurred for the third time
Demeter
Feb 2012
#11
I'll take "break the promises made to future benefit recipients" for 800.00, Alex.
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Feb 2012
#77
Krugman: How Europe's Leaders Tanked its Economy Through Moralizing and the Austerity Fantasy
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