The same holds for America and other European countries. Bankers rape them financially. Predatory finance is a new form of warfare. It's more destructive than standing armies.
It wrecks millions of lives. People end up without enough to live on. Venal politicians support policies this harmful. Why people elect them is disturbing.
Former bank regulator/financial fraud expert Bill Black addressed the issue. He headlined "The Right's Schadenfreude as their Austerity Polices Devastate Europe," saying:
His article followed reading Anne Applebaum's September 13, 2010 column. She celebrated Britain's embrace of austerity and Tory conservatives.
She headlined "Less, Please," saying:
UK slash and burn "vicious cuts" are good. Austerity "made Britain great." It "won the war." It's their "finest hour."
On July 25, 2012, Applebaum's Washington Post article headlined "Europe must face up to ongoing euro crisis," saying:
"Finally, Europeans are being forced to face up to decades' worth of fundamentally dishonest politics."- Advertisement -
"Since the 1970s, one government after the next has spent, borrowed and then inflated its way out of the subsequent debt."
"Then they recovered - only to spend, borrow and inflate once again."
She called euro straightjacket entrapment a gold standard equivalent. Losing monetary and fiscal control is good, she claims. So is abdicating national sovereignty.
Applebaum economics makes witch doctor medicine look miraculous. She grew up in wealth. She attended Yale and the London School of Economics. She's intelligent but doesn't show it.
She was admitted to Phi Beta Kappa and graduated from Yale summa cum laude. Perhaps its standards aren't as high as people think.
Let-eat-cake economics doesn't work. It sparks revolutions. They don't turn out much better. After America's, everything changed but stayed the same. Russians got Joseph Stalin.
The French got Jacobins. At first they were revolutionary moderate patriots. They morphed into "reign of terror" extremists. Dickens' Tale of Two Cities wrote about the best and worst of times. Liberte, egalite and fraternite were short-lived.