By John Galt
November 7, 2011 – 21:15 ET
Ambrose Evans-Pritchard’s latest from the UK Telegraph:
From tonight’s article:
“We wish to protect the French against the grave problems facing other European countries. Bankruptcy is not an abstract word,” said premier Francois Fillon.
The belt-tightening plan — the second package since August, taking total cuts to €112bn — include a 5pc super-tax on big firms, a rise in VAT on restaurants and construction, and cuts on pensions, schools, health, and welfare. It is the latest squeeze in a relentless campaign of fiscal tightening across the eurozone.
“It is like the 1930s: imposing austerity on countries already in recession is the way into a death spiral,” said Danny Blanchflower, a former UK rate-setter.
Uh, austerity + recession = DEPRESSION.
Then again, why tell the idiots over there that, they know everything; right????