Tick tock, tick tock
The Elysee Palace sold off a tenth of its wine collection in a Presidential garage sale. Selling presidential wine in a nation that loves its wine might chip away at awful approval ratings, but it speaks more to the stupidity of goals that include squeezing the inequality gap by bringing the top lower, taxing rich people and businesses, and demonizing success.
I just finished reading The Smith/Klein/Kalecki Theory of Austerity by Paul Krugman and I believe it is the most disingenuous piece he has ever written.
Which aspect of Rajoy's austerity program is most responsible for sinking Spain's fortunes? Was it the spending cuts? Or was it the tax rate hikes?
The economic argument is over, and Paul Krugman has won. Because, nothing spells victory like 20-some-odd million people out of work, a declining workforce, record deficits, anemic economic growth, record dependency on government programs and a heightened sense of volatility in the broad economy.
The EU seems to be admitting that Portugal is in need of a second bailout. One is coming up.
An example of what happens when governments' goal is to increase the dependent class.
But, spending cuts come with a 75% tax on the rich (he is, after all, a Socialist).
President Obama, new French President Francois Hollande and other political leaders have called for less "austerity" as a way to help the troubled economies on both sides of the Atlantic. That's the polite way of saying they want more government spending and larger deficits.
Greece wants two mulligans -- like a golfer demanding second chance, a do-over tee shot, times two.
In the run-up to this weekend's G-8 summit at Camp David, journalists have unfavorably compared European "austerity" with Barack Obama's economic policies.
They walk where no mortals dare. They face challenges that melt the resolve of ordinary people. They fearlessly stride the pathways of the world, towering over the feeble masses. Commoners worship them as gods, without whom their lives would dissipate into madness and chaos. Who are these giants that rule the world and whose wisdom is essential to our daily existence? They are economists.
What Barack Obama has going for him in 2012 is, well, put it this way: human nature.
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