How Austerity Has Crippled the European Economy – In Numbers
Thomas Fazi, Social Europe, 31 March 2016
Europe’s post-crisis response – consisting of a combination of fiscal austerity, neoliberal structural reforms and expansionary monetary policies – has unambiguously failed. In early 2016 – eight years after the outbreak of the financial crisis – the eurozone’s overall real GDP was still below the pre-crisis peak (March 2008). The Greek economy was 27.6 per cent smaller. Spain’s was 4.5 per cent smaller. Portugal’s was 6.5 per cent smaller. Even those countries with above-average eurozone growth were not performing very well: Germany, for example, was only 5.5 per cent larger than it was in March 2008, while France was only 2.7 per cent larger. Meanwhile, most of the world has returned to, or surpasses, pre-crisis GDP levels.
$1 and $2 5.5 cents per note
$5 10.9 cents per note
$10 9.9 cents per note
$20 and $50 10.6 cents per note
$100 14.3 cents per note
The Great Ponzi Scheme of the Global Economy
So we’ve turned the post-war economy that made America prosperous and rich inside out. Somehow most people believed they could get rich by going into debt to borrow assets that were going to rise in price. But you can’t get rich, ultimately, by going into debt. In the end the creditors always win. That’s why every society since Sumer and Babylonia have had to either cancel the debts, or you come to a society like Rome that didn’t cancel the debts, and then you have a dark age. Everything collapses.