Troika’s Solution For Greek Cat
For Greece, there are no easy options, they are damned if they do and damned if they don’t. Although in my opinion, accepting a deal with more austerity just kicks the reckoning down the road. Without its own currency and with it the ability to set its own monetary policy, it is hard to see how Greece can get out of its debt trap. Five years of punishing austerity have shrunk the economy, increased unemployment. It is hard to see how this policy is good for the creditors either if they want their loans to be paid off. Or do they want to make an example of Greece so that the other indebted nations in the Eurozone like Italy don’t dare follow Greece’s example.
Greek Kitteh stands up to the Austerity Cat
LoL by: two_kittehs
Austerity Cat is looking out for you
LoL by: two_kittehs (Picture by: Deebrio)
Austerity policies during a recession make matters worse, not better. A lesson that the world learnt in the aftermath of the Great Depression but seems to have forgotten in this century. What ails the global economy is the lack of demand, which the austerity policies have only exacerbated, take it away,Prof. Stiglitz.
With the recent elections in Greece, finally, someone with real political power is standing up to the conventional wisdom that austerity is good for the economy. You can keep track of their progress, on the Greek finance minister’s blog. I wish the new the Greek government all the luck, they are going to need it while navigating the shoals of the economy, including the debt and massive unemployment.
oL by: two_kittehs (Picture by: Deebrio)
Steve Rattner has a sad because the current budget compromise is not austere enough for him. Won’t anyone think of the children, he says.
But unless we come to grips with the fiscal issue, we will be inflicting a huge financial burden on our children.
I suppose the hypothetical children would be happy to inherit a sputtering economy with rampant inequality and high percentages of unemployment. Give it a rest, Rattner. Austerity does not promote growth and what we need right now is for the economy to grow. A healthy growing economy will take care of the twin problems of unemployment and deficit. Of course this may cause the gap between the 1% and the rest of us to get smaller, may be that is what Rattner and his buddies are most afraid of.
As for the budget compromise, it is too austere for my liking but it is definitely better than the government shutdown and the debt default battles of the recent past.
Austerity for thee but not for me
LoL by: two_kittehs
Austerity cat was on the ICHC/lolcats voting pages this weekend. ICHC has made it slightly difficult to reach the voting pages, there is no link on the front page any more. If you want to vote for my lol it can be found here and it is also on voting page 4 of lolcats, right now.
Austerity cat made his first appearance here.