- Jul 4, 2009
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....speaking of money and governments find below a dandy article on Europe's other major crisis, Greece...lots of exposing myths that have been used to define that crisis and then sell the solutions that were eventually "proffered"...
.. good bits...
"More than 18 other countries, including Brazil, Portugal, Ecuador, Greece and Spain, have done the same ?audit,?, and, in each case, found that increased public spending was not the cause of deficits. From 1978 to 2012, French public spending actually declined by two GDP points.
The main culprit in the debt crisis was a fall in tax revenues resulting from massive tax cuts for corporations and the wealthy. According to Razmig Keucheyan, sociologist and author of ?The Left Hemisphere,? this ?neoliberal mantra? that was supposed to increase investment and employment did the opposite.
According to the study, the second major reason was the increase in interest rates that benefits creditors and speculators. Had interests rates remained stable during the 1990s, debt would be significantly lower."
...and...
"Virtually all of the “bailout”—89 percent—went to the banks that gambled in the 1999 to 2007 real estate casino. What the Greeks—as well as Spaniards, Portuguese, and Irish—got was misery." ( read, public money used to pay for corporate debt....something very popular these days...)
....from ...
http://www.counterpunch.org/2015/03/02/europes-debt-lies-myths/
Cheers
.. good bits...
"More than 18 other countries, including Brazil, Portugal, Ecuador, Greece and Spain, have done the same ?audit,?, and, in each case, found that increased public spending was not the cause of deficits. From 1978 to 2012, French public spending actually declined by two GDP points.
The main culprit in the debt crisis was a fall in tax revenues resulting from massive tax cuts for corporations and the wealthy. According to Razmig Keucheyan, sociologist and author of ?The Left Hemisphere,? this ?neoliberal mantra? that was supposed to increase investment and employment did the opposite.
According to the study, the second major reason was the increase in interest rates that benefits creditors and speculators. Had interests rates remained stable during the 1990s, debt would be significantly lower."
...and...
"Virtually all of the “bailout”—89 percent—went to the banks that gambled in the 1999 to 2007 real estate casino. What the Greeks—as well as Spaniards, Portuguese, and Irish—got was misery." ( read, public money used to pay for corporate debt....something very popular these days...)
....from ...
http://www.counterpunch.org/2015/03/02/europes-debt-lies-myths/
Cheers