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Europe clings to scorched-earth
ideology as depression deepens

Telegraph.co.uk, by By Ambrose Evans-Pritchard

Original Article

Posted By:geronimo, 12/10/2012 11:01:45 AM

Like the generals of the First World War, Europe’s leaders seem determined to send wave after wave of their youth into the barbed wire of tight money, bank deleveraging, and fiscal austerity a l’outrance. The strategy of triple-barrelled contraction across a string of inter-linked countries has been the greatest policy debacle since the early 1930s. The outcome over the last three years has been worse than forecast at every stage, and in every key respect. The eurozone has crashed back into double-dip recession. It will contract a further 0.3pc next year, according to a chastened European Central Bank.

Comments:
Whither thou goest.....

      


Post Reply  

Reply 1 - Posted by: doctorfixit, 12/10/2012 11:26:30 AM     (No. 9057711)

They´re socialists. They can all go to hell.

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Reply 2 - Posted by: unagator, 12/10/2012 11:31:48 AM     (No. 9057723)

Ambrose writes some good columns, but when he cites Keynes approvingly, you know he is galloping down the wrong track.

Here´s a question...doesn´t "austerity" usually require some reduction in spending?

The Euros have talked a big austerity game, but spending continues to rise. Some austerity.




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Reply 3 - Posted by: texaspast, 12/10/2012 11:36:11 AM     (No. 9057727)

No, ´austerity´ to a socialist means taking more from you so YOU have less to spend.

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Reply 4 - Posted by: KTWO, 12/10/2012 11:39:00 AM     (No. 9057739)

#2 hits it. It is not austerity.

But the conclusion seems right, the EURO will go. The politicians built their dream then ran it into a ditch.

Now they want to get out of the ditch but refuse to improve their driving.

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Reply 5 - Posted by: mickturn, 12/10/2012 11:57:12 AM     (No. 9057761)

IT IS the SPENDING, STUPID!

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Reply 6 - Posted by: dvc, 12/10/2012 1:18:54 PM     (No. 9057910)

To extend #4´s analogy - hard to stay out of the ditch if you only turn the wheel left all the time.

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Reply 7 - Posted by: John21, 12/10/2012 2:20:05 PM     (No. 9058013)

The EU has been a failure from day 1, their monitary policy has been based on fairey dust and unicorn farts.
I have often wondered if anyone involved with this policy knows anything about economics or banking. A comparison would be like allowing Paul Krugman (the braindead) to be the sole arbitrator of American economics and you would get the same results as the EU. Total Failure.

As someone has earlier stated "They are Socialist, so who cares", with the Obama administration corruption and Krugmans support America will be too very soon.

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Reply 8 - Posted by: mickturn, 12/10/2012 3:02:46 PM     (No. 9058097)

This proves two things; Socialists can´t think and those that created the problem have no place at the table trying to solve it.

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Reply 9 - Posted by: nenamldu, 12/10/2012 3:07:35 PM     (No. 9058106)

A side effect: a haemorrage outflow of cash into the super-inflated, hyper-creditized Turkish economy, allowing troublemaker Erdogan to act out on his delusions of revived Ottoman Empire grandeur when it comes to certain other, self-bankrupted Middle East states who were once its vassal territories (start with Syria, Egypt, and "Palestine", whatever that is.)

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Europe clings to scorched-earth
ideology as depression deepens
Telegraph.co.uk, by By Ambrose Evans-Pritchard    Original Article
Posted By: geronimo- 12/10/2012 11:01:45 AM     Post Reply
Like the generals of the First World War, Europe’s leaders seem determined to send wave after wave of their youth into the barbed wire of tight money, bank deleveraging, and fiscal austerity a l’outrance. The strategy of triple-barrelled contraction across a string of inter-linked countries has been the greatest policy debacle since the early 1930s. The outcome over the last three years has been worse than forecast at every stage, and in every key respect. The eurozone has crashed back into double-dip recession. It will contract a further 0.3pc next year, according to a chastened European Central Bank.



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