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So Europe is in a depression. Will America follow?

I’ve seen this depressing news in the last couple of days.  Relentless austerity in Europe has brought on an economic depression.  Krugman has more:

Simon Wren-Lewis thinks that the European embrace of austerity was a historical contingency; basically, the Greek crisis strengthened the hand of the austerians at a critical moment. I don’t think it’s that easy to explain; my sense was that there was powerful anti-Keynesian sentiment in Europe even before the Greek crisis, that macroeconomics as Anglo-Saxon economists understand it never had a real constituency in Europe’s corridors of power.

I think of it more as a war zone.

Based on what I learned yesterday on the changing nature of employment, ageism and the effect of Obamacare on spending, I can’t help but see another economic downturn in this country as well.  People have to have money to spend to make the economy grow.  The warriors may soon have a pyrrhic victory on their hands because deflation tends to spread without economic interventions.

So does unrest, violence and instability.  Like in Ferguson.

So not good.

 

6 Responses

  1. call me crazy but just as a sushi joint on every other corner strikes me as japan’s revenge for pearl harbor, the germans are still singing “duetschland uber alles” as they refight world war 2 across europe but this time they are winning where it counts: in the wallet…

  2. Call me nitpicky, but I find the term “America” when referring to the United States a little too nationalistic for my tastes. I know, I know. Everybody does it, but it bugs me…..anyway, carry on.

    • It *is* where we live. Just because it’s where the right wing nut cases also live doesn’t mean it’s not just a place.
      At least I didn’t link it to some schmaltzy country pop song they sing at the beginning of a NASCAR race (that ends with the phrase “God bless the U. S. A.!” {{sigh}} )😉

  3. I rarely go there anymore but our friend Joe has a good one up.
    http://cannonfire.blogspot.com/2014/08/cornel-west-wakes-up.html

  4. There’s austerity and then there’s austerity. Many thousands have lost their water service in Detroit and many more will do so .. over bills as little as 150.00. The city has contracted help to speed the shut offs along. This is to get rid of the “dead wood” before the dept is sold.

    Recently, without any warning, night time army maneuvers were carried out in sections of Milwaukee, via helicopters . So many panicky phone calls came into 911 , officials finally had to make a statement. Turns out it was a training exercise . ” This is what home land security training looks like post 911 ” One city official said

    Put this items together.

    How long before water / heat / food riots need to be quelled ?

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