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The Meaning of "Austerity Measures" -- EuroSpeak for "Starve the Beast"

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opednews.com Headlined to H2 4/29/12

"'There are no real drivers of growth here, which suggests that although the overall rate of decline is modest at the moment, we could see it continue to worsen in coming months,' said Chris Williamson, chief economist of PMI compiler Markit." ("Euro zone slump deepens unexpectedly in April," Reuters)

Draghi's "debt consolidation" and "structural reforms" have increased deflationary pressures and deepened the slump. They've been a total flop as anyone with half-a-brain could have predicted.

So, are we supposed to believe that the ECB president didn't know what the effect of his policies would be, that he didn't know that contractionary policies would result in economic contraction?

Of course, he knew. Draghi's not an idiot; he's a very competent economist. This just shows that he had an ulterior motive, that the policy was crafted to serve the interests of his banking buddies and not those of the 99%. After all, the real purpose of austerity is not to cut deficits or spur growth, but to stuff government into a fiscal starightjacket so that private industry and big finance get a bigger slice of the pie. Isn't that what this is really all about?

Sure, it is. Austerity is just the euro-version of "starve the beast."

This article cross-posted from Counterpunch

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Mike is a freelance writer living in Washington state.

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It seems that the author has forgotten or omitted ... by Daniel Jenkins on Sunday, Apr 29, 2012 at 8:49:47 AM
is a totally corrupt institution. That's why they'... by intotheabyss on Sunday, Apr 29, 2012 at 9:23:52 AM
Thanks Mike. And of course the obvious solution is... by Ernie Messerschmidt on Sunday, Apr 29, 2012 at 3:12:35 PM
It is because they cannot use the word "sanctions"... by revzef on Monday, Apr 30, 2012 at 12:35:48 AM
As general taxation is increased or reduced the ov... by David Chester on Monday, Apr 30, 2012 at 11:17:06 AM