Wednesday, February 15, 2012

The Answer to Every Problem

Or, as Atrios says:

"Nobody Could Have Predicted
Except everyone not evil and/or stupid."

Austerity at work:

"Unlike Greece, Portugal is a debtor nation that has done everything that the European Union and the International Monetary Fund have asked it to, in exchange for the 78 billion euro (about $103 billion) bailout Lisbon received last May.

And yet, by the broadest measure of a country’s ability to repay its debts, Portugal is going deeper into the hole. 

The ratio of Portugal’s debt to its overall economy, or gross domestic product, was 107 percent when it received the bailout. But the ratio has grown since then, and by next year is expected to reach 118 percent. 

That’s not necessarily because Portugal’s overall debt is growing, but because its economy is shrinking. And economists say the same vicious circle could be taking hold elsewhere in Europe."

And anywhere else in the world where this idea is tried.  Let's face it: letting rich bankers steal all of the money and then making poor people pay it all back is not a ticket to prosperity for anyone except the rich bankers.  And yet, of course, our country is filled today with wise experts who advocate the exact same "solution" to our problems.

More for the rich- less for the poor.  The answer for everything.

No comments: