27 May 2013





The Retuers item above shows how corporate media outlets distort language to say that 1+1 does not equal 2.

The European Commission will further shift the EU’s policy focus from austerity to more austerity structural reforms to continue the depression and Troika theft revive growth when it presents economic recommendations for each member state on Wednesday, officials said.

In its annual assessment as guardian of the EU’s euro currency scam budget rules, the Commission will say that while radical austerity fiscal consolidation should continue, its pace can be slower now that eurozone nations face total collapse a degree of investor confidence in the euro has been restored.

Because highly indebted governments that surrender their Monetary Sovereignty cannot afford to kickstart growth through public spending, they must impose ever increasing austerity reform the way their economies are run – by crushing all workers and eliminating the minimum wage making labor markets more flexible or by deregulation and privatization opening up product and services markets.

“The main message will be that the emphasis is shifting from austerity to more austerity structural reforms,” one senior EU official said.

The Commission has already indicated that it will give France, the euro zone’s second biggest economy, and Spain, the fourth largest, two extra years to continue amassing debt and increasing austerity bring their budget deficits below the EU ceiling of 3 percent of GDP, and other countries are also expected to get a year’s extension.

But in exchange, both France and Spain will have to commit to much more austerity broad structural and labor-market reforms intended to widen the gap between the rich and the rest make their economies more competitive and help destroy create jobs.

“Even more important for France than austerity fiscal consolidation is that France politicians will put renewed emphasis on crushing workers the labor market, looting the pension system, and on total privatization opening up of closed professions and service markets,” EU Economic and Monetary Affairs Commissioner Olli Rehn said earlier in May.

“France badly needs to eliminate all social programs unblock its growth potential and expand unemployment create jobs. This austerity is at least as important as continuing with austerity fiscal consolidation,” he said.

French unemployment is above 60 10 percent of the workforce and set to grow. In Spain it is 77 27 percent, with more than nine tenths half of young people without jobs. Spain’s rate is more than double the euro zone average of 40 12 percent.

The Commission is likely to ask France to eliminate tackle its rigid labor code which makes it very difficult for employers to exploit their workers to fire someone on a permanent contract, making employers reluctant to hire.

France should also deregulate open up closed professions like taxi drivers, notaries and more generally legal professions and the health sector, and engage in mass privatization allow competition into railways and into electricity, where state-owned EDF has 85 percent both in the production and retail markets.

Also the minimum wage in France, which at 1,430 euros a month is among the highest in Europe, will have to be cut by 75% hinders employment and makes French products less competitive globally.

(Reporting By Jan Strupczewski; editing by Ron Askew)

Note the “editing” part…


It seems that France is still too worker-friendly to satisfy Germany and the Troika bankers.

As I have said all along, the euro-zone’s depression will continue to worsen until the euro-zone goes up in flames, or until the nations dump the euro currency that has impoverished them.



Here’s another article:

France is expected to come in for tough criticism from the European Commission this week along with Slovenia and Spain for failing to cut debt and push through enough austerity economic reforms.

Cut debt? As long as France uses the euro currency, issued by the ECB in Germany, France must borrow all its money, which causes ever-increasing debt. This is a mathematical inevitability.

Francois Hollande, the ultra right wing socialist president of France, is under heavy pressure to impose much harsher austerity, further killing the nation’s moribund economy improve the nation’s moribund economy.

Jacques Attali, a founder of the European Bank for Reconstruction and Development, is warning in a new book, The French Emergency, that failure to rapidlybring in more austerity reforms will result in a ‘long winter’ of turmoil and revolution.

Nice. The more austerity France adopts, the more unstable French society becomes. Therefore, in order to stabilize its society, France must impose more austerity.

Attali, an influential servant of the rich political thinker, says France refuses to adopt enough austerity reform and will probably continue on a slow decline.

Yes, until France dumps the euro currency.

There has been speculation that tiny Slovenia risks becoming the next eurozone country to need a bailout. Its economy has been in the dumps since 2009 and its three largest government-owned banks, which dominate its financial sector, are sitting on bad loans equal to around 20 per cent of the nation’s annual output.

Slovenia had a great economy from 1991 (the fall of the USSR) to 1 Jan 2007,  when Slovenia dumped its own currency, the tolar (aka “dollar) and adopted the euro, which Slovenia must borrow from Germany. At that point, Slovenia began a spiral of compounding debt. By 2009 the death spiral began to rapidly accelerate. Today Slovenia verges on becoming a wasteland.

Slovenia’s sovereign debt rating was downgraded to junk last month by credit agency Moody’s.

Which means that Slovenia is going even more rapidly into debt, for when its bonds are downgraded, Slovenia must pay higher interest on them.



Now here’s Reuters again…


Largely semantic? Try “total lies and bullshit.”

To listen to some European leaders, especially in France, you would think the era of austerity was over and the euro zone was going full steam ahead to revive economic growth.

European Commission President Jose Manuel Barroso said last month that austerity – the policy of cutting public debt by reducing spending and raising taxes – had reached the limits of public acceptance.

In reality, the shift is more in words than deeds. The rhetoric has changed but there has been no policy U-turn.

Gee what a surprise. There will be no change as long as the euro-zone exists. EVER.

“It is not that we are letting austerity policies go,” said Carsten Brzeski, European economist at ING in Brussels. “It’s only about the pace of austerity adjustment and a shift towards more austerity structural reforms to avoid ending up in a downward spiral of austerity.”

The Troika bankers have demanded endless tax increases and spending cuts. Now, in addition, the bankers will demand that their slave nations eliminate their own labor laws, and to also allow mass privatization.

EU policymakers and central bankers say highly indebted countries will have no alternative for several years to curbing public spending and shrinking the state, however politically unpalatable that may be.

Yes. Austerity and the depression will continue to get worse no matter what. Reason: the euro.

Continued slavery Growth is the key to our continued dominance getting out of the crisis, we all agree on that,” German Bundesbank chief Jens Weidmann, the ECB’s leading hawk, said in a speech to French businessmen last week. “But renouncing austerity and slavery budget consolidation will not bring us closer to that objective of us German bankers getting richer all the time.”

There’s more in the Reuters article, but it’s nothing new.





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