Will Hutton – The Guardian UK – The Facts Are Clear : This Cruel Austerity Experiment Has Failed – 4 June 2012

While the human cost of economic stupidity is all too visible, the world’s leaders are paralyzed by their dogma

Last week was an awesome warning of where go-it-alone austerity can lead. It produced some brutal evidence of where we end up when we place finance above economy and society. The markets are now betting not just on the break-up of the euro but on the arrival of a new economic dark age. The world economy is edging nearer to the abyss, and policymakers, none more than in Britain, are paralyzed by the stupidities of their home-spun economics. Yanis Varoufakis, ex-speechwriter for former Greek prime minister George Papandreou and now an economics professor in the US, said last week: “There is precisely zero chance of austerity working. It is the same as thinking you can escape from gravity by waving your arms up and down.”

Read the whole article http://www.commondreams.org link to article /Original published on Sunday, 3 June  2012 by The Guardian/UK written by Will Hutton


Comments are closed.