Greek Fire, Part 50

And as we reach the big five oh in the Greek Fire series, we have a very instructive video lesson from Irish economist David McWilliams about why European austerity has failed, and why the latest EU German/French plan of requiring balanced budgets will end the euro, the EU, and most likely crash the global economy yet again.

Bon tells me she's learned a lot from my series on the Greek Fire, so this video is yet another helpful tool to explain what's going on over there.  Watch:




Now here's the killer: keep in mind that what Germany and France are demanding from the EU is the same exact thing that Republicans are demanding from the 99% here in America:  that taxpayers have to foot the bill for the bank's losses over the last 4 years, and as a result we must balance the budget at the expense of social programs or face collapse, they tell us.  We have no choice, they assure us.  Austerity on an unprecedented scale, another Herbert Hoover collapse into depression, is all but assured in Europe now.

What's going on in Europe right now is where we'll be under another GOP regime in 2013 with similar results:  massive austerity that will destroy growth, reward the 1%, transfer wealth and power upwards, and will continue until we all demand it ends.  It will create massive economic inequality.  And economic inequality always leads to crashes.

Do take a look.  We don't have anything close to a debt crisis now.  We will if the Republicans win in 2012.