Category → Euro Leaders Love Hoover
By Frank Byronn Glenn -- Despite all the posturing by Eurozone financial leaders that the austerity measures they are demanding is for the best for Europe — all of Europe — and the members of the EC, the more it resembles a financial suicide pact by the European financial bullies for the countries and people in the countries that are struggling.
Herbert Hoover, in the late 1920’s and early 1930’s either followed his intuitions or his advisers and implemented austerity measures designed to “correct” the U.S. financial ship of state. The problem, in the United States then, as in Europe now, the more ruling powers “self’-corrected” the more life for people in the countries effected resembled a policy of national “self-destruction”.
Hoover never did learn, or didn’t care enough to run-afoul of the “economic royalists” and do something to try to create anything resembling a viable life with reason to hope and policies and actions to believe in for the American people.Like America then, and Europe now, the more austerity measures were implemented the more economies in the countries effected faltered and the more people suffered.
Politicians humane and astute enough to consider the plight of the people and attempt to observed the will of the people were summarily dismissed (by what legal means, I don’t really know) and replaced with bankers who for the most part would never consider going against their colleagues and collaborators.
The question is, are they able to see clearly enough the terrible suffering their policies have inflicted upon the peoples of Europe, that at some point they might consider modifying their strategy to one of stimulating growth in the struggling countries as a potential antidote the malaise stalking Europe.
Right now — it appears not. It looks like the financial leaders of Europe will pursue austerity as the only policy with a chance of helping Europe get healthy, while Europe itself hurtles toward the abyss of financial collapse of Europe, followed by the United States, and subsequently most of the rest of the developed world.
It’s never been true that faltering economies could “austerity” their way out of a depression, and Spain’s 23% + unemployment rate certainly looks like a depression from this small perch in the world. Not only that, but reputable economists have known for decades that in a consumer-demand driven economy that is faltering badly, the only potential way out is to stimulate demand such that businesses have to begin providing goods and services again to meet the demand — and in order to meet consumer demand, they have to hire people to make goods and provide services to people who are ready, able, and willing to buy them. And the economy begins again.
You would think that with all the rich bastards in the world, somewhere in the bunch would be a guy – or an adviser or consultant to a guy — who would know the first thing about consumer economies that rely on endless, perpetual consumer demand for their stability. And if anyone in an executive suite anywhere had a clue that this was the fact, they would stop preaching austerity as the cure for too-little demand and try to stimulate demand so we could entertain the prospect that sometime in our lifetime we would return to a robust enough economy for people to live a little — even if they didn’t prosper enormously, and least survive and keep hope alive.
It is, it has been said, a little hard to find really smart people in this world, even in the 21st century.
The financial leaders of Europe and the Republican austerity hawks in the U.S. — led by U.S. Rep. Paul Ryan (R-WI) and mindlessly cheered on by Presidential aspirant, Mitt Romney — appear to have a rendezvous with destiny in their own private, gated political graveyards early in the 21st Century. May they rest in infamy! And may they go over the cliff politically and financially with the countries and economies they kill with their mindless and unfathomably flawed positions and policies — which they continue to champion against the evidence and against all the odds — to the detriment of almost everyone and the benefit of practically no one! Go guys! Go!