Death by Davos
This is the way the euro ends: not with the banks but with bunga-bunga.
OK,
the euro isn’t doomed — yet. But the Italian election signals that the
eurocrats, who never miss an opportunity to miss an opportunity, are
getting very close to the edge.
The fundamental fact is that a
policy of austerity for all — incredibly harsh austerity in debtor
nations, but some austerity in the European core too, and not a hint of
expansionary policy anywhere — is a complete failure.
None of the nations under Brussels/Berlin-imposed austerity has shown
even a hint of economic recovery; unemployment is at society-destroying
levels.
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