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Dissing Europe's Failed Bailout Scheme

By       Message Stephen Lendman     Permalink
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Dissing Europe's Flawed Bailout Scheme - by Stephen Lendman

Piling more debt on over-indebtedness makes a debt crisis worse.

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Heavily indebted Eurozone countries face insolvency. Adding more can't save them. Nonetheless, policy makers repeat past mistakes, compounding failure with more of it.

Banker occupation corrupts Europe and America. They decide what's best for them. Wrecked economies follow. So do mandated austerity measures, including public sector layoffs, wage and benefit cuts, tax hikes on workers, cuts for corporate crooks, and unrestrained economic freedom to pillage.

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Selling out to bankers, Eurozone leaders pledged an "ambitious and comprehensive" debt crisis solution. Knee-jerk market euphoria greeted it. Second thoughts perhaps know what's so far revealed falls far short of resolution. In fact, crisis conditions will worsen, whatever short-term gains are achieved.

On October 30, Bloomberg headlined, "Europe Blowing Last Chance to End Crisis: View," saying:

"The euphoria over Europe's latest rescue package faded quickly. Now the question is whether European leaders will ever agree on measures needed to end the sovereign debt crisis, and whether they will get another chance."

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Fixing it depends on hoisting bankers on their own petards. Otherwise, economies can't recover. None held hostage to bankers ever do. Resolving that issue is job one. Whether or not it's possible isn't known. So far, it's not even mentioned.

When economic shysters run nations, economies and ordinary people suffer. That condition plagues Europe and America. Instead of addressing dire conditions responsibly, policy measures so far adopted exacerbated them. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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