Aberration...

A healthy popular anger will one day sanction the aberrant policy imposed for nearly seven years by the European ruling class. Seven years of austerity, seven years of misfortune… The latest figures are overwhelming. The economy of the euro zone has stopped growing for six months and finds itself confronted with the specter of deflation, a promise of additional suffering. It is the only region in the world that combines dangerous financial imbalances, stagnant production and mass unemployment. A number of economists, including a few Nobel Prize winners - Stiglitz, Krugman, who are not wild populists - had predicted it; the IMF ended up recognizing it: it was destructive to add to the hair shirt of a restrictive monetary policy the straightjacket of budgetary austerity.

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Out of dogmatism - and out of greed - the continental oligarchy overrode it, judging that the interests of finance - that is to say its own - should prevail over those of the people. The European Central Bank has strangled growth; the budgetary ukases of Brussels completed it. Some have become aware of this aberration, like Mario Draghi, the head of the ECB. But the damage was done. François Hollande's mistake? Falling into this orthodox trap. Of course, we could not let deficits run endlessly and live on credit. Admittedly, reforms were needed, several of which were undertaken with determination. But it was also necessary to break with the European slump and the dogmas of finance, this opponent designated during the campaign. Austerity without results weakens the country and despairs the left. Is it too late to react? The remedies are known: European recovery, monetary easing, structural reforms and postponement of budgetary objectives. There is a small chance...

source: Liberation.fr