Sunday, 16 October 2011
The 'Occupy Wall Street' movement is spreading.
Funny in a dark way....
Not so funny...
Occupy Wall Street Protests Go Global, Turn Violent in Rome
I've written before (Of the 1%, by the 1%, for the 1% and ειρήνη και αγάπ)
and I'll write it again- austerity will not work. Raising taxes, cutting spending, cutting public wages, and laying off workers so bankers don't take haircuts for risky practices will not only make matters worse economically vis a vis growth let alone social cost but will lead to violent unrest.
Its a Hobson's choice. To not undertake austerity will result in Sovereign defaults. Surely logic would say default, since its eventual anyway, leave the Euro if need be and have a short sharp recession.
No, they'll take the string-it-out-and-hope option. Kick that can. Which country will descend into civil war first?