Share on Google Plus Share on Twitter 3 Share on Facebook Share on LinkedIn 1 Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (4 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   3 comments

OpEdNews Op Eds

Italian's Apology for German Austerity Diktats Lasts 24 Hours

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; ; , Add Tags Add to My Group(s)

Well Said 4   Supported 3   News 2  
View Ratings | Rate It

opednews.com Headlined to H2 8/20/14

Become a Fan
  (40 fans)
- Advertisement -

Bill Black
(image by Bill Black)
  DMCA

Reprinted from neweconomicperspectives.org

On August 13, 2014, the International New York Times printed an op ed by Beppe Severgnini attacking Matteo Renzi, Italy's Prime Minister. Severgnini offered readers this classic question and answer.

"So why is Italy's economy, the eurozone's third largest, the only major one in Europe currently flatlining? Last week Istat, the national statistics bureau, reported that it had contracted in two successive quarters for the third time since 2007, plunging us into a triple-dip recession.

How did we pull that one off? Plenty of plausible explanations blame the feckless government of Silvio Berlusconi, or the acquiescent administrations of Mario Monti and Enrico Letta that followed, the latter two having imposed the European Union's -- or rather, Berlin's -- belt-tightening on a country needing to boost consumption and investment.

But blaming Brussels, or anyone else abroad, is wrong. The rest of Europe followed the German diktat, and yet Italy is the only one suffering."

- Advertisement -

The last sentence is a lie of such breathless proportions that one is left agape. The German austerity diktat forced the entire Eurozone into a second, gratuitous Great Recession and Italy, Greece and Spain into unemployment levels last seen in the Great Depression. University graduates throughout the eurozone's periphery promptly emigrate. Portugal's largest bank, a massive accounting control fraud, just required a very large EU bailout. Everyone but the elite bankers and major corporations is "suffering" due to Germany's dual diktats -- austerity and a eurozone-wide race to the bottom to slash worker's wages.

One day after the International NYT published this apology for Germany's dual diktats it blew up in the author's face. The Wall Street Journal, which champions Germany's disastrous diktats, admitted that "Euro-Zone Economy Stalls in Second Quarter as German GDP Slips."

Even Germany is suffering from German diktats, which made the economic recovery so weak and fragile that modest trade sanctions imposed on Russia because of its invasions of the Ukraine caused the German economy to fall and overall eurozone growth to "flatline."

- Advertisement -

 

http://neweconomicperspectives.org/

William K Black , J.D., Ph.D. is Associate Professor of Law and Economics at the University of Missouri-Kansas City. Bill Black has testified before the Senate Agricultural Committee on the regulation of financial derivatives and House (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon


Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Incredible Con the Banksters Pulled on the FBI

History's Largest Financial Crime that the WSJ and NYT Would Like You to Forget

What if the Public Understood How Money Works?

The Greek Depression, the Troika, and the New York Times (videos)

Rajan Calls Krugman "Paranoid" for Criticizing Reinhart and Rogoff's Research | New Economic Perspectives

The New York Times Urges the Troika to "Make an Example of Greece"

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
2 people are discussing this page, with 3 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)
Wow.Just to review where we are:Austeronomics has ... by Scott Baker on Wednesday, Aug 20, 2014 at 9:04:35 AM
There is another ball in play here. Nobody is ment... by Paul Repstock on Wednesday, Aug 20, 2014 at 2:28:24 PM
The above strategy cannot work for long because to... by Paul Repstock on Wednesday, Aug 20, 2014 at 2:44:27 PM