Reply To: Austerity has failed. An open letter from Piketty to Merkel
I read everything you wrote and read the article you linked to and watched the videos you linked to. Not one thing you cited backed up the opinion you’re putting forth.
Davis is actually citing sources of information, allowing others to verify that his assertion is true. A group of leading economists wrote an open letter to Merkel pointing out that drastic tax hikes and harsh spending cuts (austerity) has worsened rather than resolved the depression in Greece.
In fact the article cited completely misrepresents 50% unemployment for people under 25, the number of children in poverty and the number of Greeks who have lost their homes as being the fault of the EU. But what’s a little bit of distortion of the truth to get things to fit into the ideology you embrace, right?
You’re being rather hard on yourself, Virgil.
Follow Davis’ example and cite your sources of information which falsify the claims that six leading economists made in the letter. That way nobody will think you’re distorting the truth to fit the ideology you embrace.
And Austerity has not failed in Greece because it’s never been attempted without partisan implementation and distortions to solidify the political power of Alexis Tsipras and his cronies.
That’s fascinating, Virgil.
The Greek government announced the first austerity measures on May 1, 2010 which Germany made conditional to sign the first EU/IMF loan package. (Source) Greece announced the next austerity package in October 2011 in exchange for a second bailout loan. (Source)
Alexis Tsipras took office on January 25, 2015, less than six months ago. Apparently, Tsipras and his cronies are so powerful they effected “partisan implementation” nearly five years before they were running the Greek government. However they did it (perhaps by time travel?) they succeeded. Greece had a balanced budget two years ago and now runs a budget surplus.
Now why do you suppose the Greek depression not only continues unabated, but the Greek debt has also risen as a percentage of GDP? I’ll give you a hint. It’s not because a budget surplus makes the debt that much bigger.
(Source: Reuters via Twitter)
In his stammering reply video at the EU he admits as much as admits they’ve not really done what they could to have corrected the problems way before now.
Okay, Virgil. Let the rest of us in on the big secret. What’s the solution to the economic depression in Greece? What could stammerin’ Alexis Tsipras have really done to fix the problem long before now?
Remember to cite your sources this time.