Austerity – beating the life out of the economy.

I wrote this a couple of weeks ago now but cannot see anything that has changed Greece slips further down the slippery slope to complete destruction, Spain’s banks have had a bsailout and rumour has it that Italy or Cyprus may be next. The IMF and some European politicians are beginning to suggest that Austerity is not working but here no change.

I have to say that I sincerely wish that the politicians would recognise that Austerity on its own is a crock of shit and that unless they do something to stimulate growth whole countries will go down the toilet. I cannot imagine what that would look like but it will not be pretty and it will have disastrous consequences for everyone else.

I cannot see any examples where Austerity is working – it certainly is not working here in the UK or Spain, Portugal, Italy or Greece to name a few. On this evenings news 14/6/2012 there were pictures of desperate Greek people running to get free bread because they were starving.

From what I can see we (the 99%) are being beaten to within an inch of our economic lives and in fact some people have taken their lives for something that we had absolutely no say in or control over.

Did we the 99% make up some bizarre financial instrument which allowed us to bet against ourselves and win whatever the outcome by creating another financial instrument and another and another? No, we did not but we are paying a very high price for bailing out those banks and other financial organisations that did.

They keep saying it would have been worse if we had not bailed out the banks! Really?

We cannot know that because we did not go down that path! Would it really have been worse or is it just another myth?  A lie sold to us to legitimise the trillions of pounds, dollars, euro’s et al that have disappeared into the great big deficit hole that none of us have seen even a sniff of.

The Bank of England has added 325 billion in quantative easing pounds – where have they all gone That is a staggering amount of money but it does not seem to have found its way into the economy in any visible way. We have nearly 3million people unemployed, nearly 1 million of those are young people. That’s ONE million young people who have not been given the opportunity to work. The public sector is being downsized as never before and private companies are still going into administration in large numbers and making people redundant.

The quantative easing billions do not seem to have made any real difference but they must have gone somewhere folks? Someone somewhere is stashing the cash against a rainy day and I doubt if its any of the 99%.

I’m not clever enough to know what the answer is but it sure as shit isn’t Austerity.

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