America's "Houdini Recovery" under IMF-Type Austerity

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-- "one of the most excruciating fiscal squeezes in modern European history;

--outright default; (or)

-- some kind of bailout," but he omitted the one chosen as a long-term fix - the imposition of IMF austerity, including deficit reduction through:

-- large government layoffs;

-- a public sector 10% wage cut, including a 30% reduction in salary entitlements;

-- a 20% cut in civil service bonuses;

-- freezing pensions;

-- a two-year increase in the average retirement age;

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