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7-May-12 World View -- Austerity-weary Europeans 'throw the bums out'


Turkey's Erdogan claims that victory of Syria's rebels is close

** 7-May-12 World View -- Austerity-weary Europeans 'throw the bums out'
** http://www.generationaldynamics.com/cgi ... 07#e120507



Contents:
Election leaves Greece in political instability
Merkel appears to lose regional election, invites Hollande to Berlin
Israel to hold parliamentary elections in September
Turkey's Erdogan claims that victory of Syria's rebels is close


Keys:
Generational Dynamics, Greece, Alexis Tsipras, Syriza,
Antonis Samaras, New Democracy, PASOK,
France, François Hollande, Nicolas Sarkozy, Germany,
Angela Merkel, Israel, Benjamin Netanyahu,
Turkey, Recep Tayyip Erdogan, Syria, Bashar al-Assad

Actually, the situation is even worse than reported here. In sum, the idea the Europe is implementing "austerity," which we will define here as reduced government spending, as a myth. It ain't happenin'. An IMF chart reproduced in The Economist shows that since 2007 government expenditures have INCREASED in the US, UK, Germany, France, Spain and Italy by 5-10%. Wow, that's some "austerity!" And what's been the result? Increased unemployment and slow growth (except in Germany as a result of major labor market reform measures). And neither the elite nor the public seem to have a clue that bloated public sectors with high taxes are dragging down their economies. They now apparently believe that demonizing the successful and productive (the "rich" or "1%" in the US) and raising their taxes will solve the problem! Good luck with that. No. Much pain and suffering is before us as reality reveals the failure of our "conventional wisdom" and the bankruptcy of the dominant "intellectuals," institutions, and paradigms. Watch out below!