EU Backs Off Austerity

from The Daily Bell

Limit Austerity, EU Official Says A top European Union official signaled his support Monday for relaxing Europe’s austerity drive, in what could be a significant break for countries struggling to hit tough budget targets amid persistent economic weakness. In a speech, European Commission President José Manuel Barroso said the policy of austerity pursued by the EU in recent years no longer has the public backing needed to work. – Wall Street Journal

Dominant Social Theme: Austerity will work if we maintain sufficient rigor.

Free-Market Analysis: Like the leaders of Germany’s pre-war National Socialist Party, the leaders of the European Union have maintained an implacable rigor when it comes to the restatement and continued application of their failing policies.

The IMF-style austerity that they’ve have inflicted on Southern Europe with considerable blood-letting has shattered families, ripped apart communities and torn down the larger economic fabric. There is perhaps not a single economy that is the better, so far, for the stern medicine the IMF and the EU have been prescribing.

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