From TODD WALTON
Under The Table Books
“Blaming speculators as a response to financial crisis goes back at least to the Greeks. It’s almost always the wrong response.” Lawrence Summers
Speaking of speculators and the Greeks, hundreds of thousands of the most highly educated and technologically skillful people in Greece have fled that country in the last two years, and more are leaving every day. Why? Because the austerity programs imposed by the European Union in response to Greece’s speculator-caused debt crisis have created such a severe economic depression that there is little hope of an economic recovery in Greece for many years to come. Greece only has ten million people, yet in the face of this massive brain drain and the elimination of tens of thousands of public sector jobs, the European Union has just decreed that Greece must amplify her austerity campaign and get rid of tens of thousands more public sector jobs.
Here in the United States, our own government is treating the public sector, including state and county governments, as if they are Greece and the federal government is the European Union. More…