Wednesday 21 February 2018

As the salt pillars of austerity crumble there will be enormous opportunities

David McWilliams

David McWilliams

THE forces of austerity are in retreat all around Europe and the world. Let's make no mistake about what this means. The word 'austerity' has come to mean many things, but austerity is shorthand for the European policy of lumbering citizens with the debts of the financial markets and contending that the resulting increase in the national debts is the cause of the problem, rather than the consequence.

Then, in order to heighten people's anxiety, the policymakers continued to genuflect to the financial markets' verdict about the policy when it was financial market unsustainability via excessive lending that caused the problem in the first place.

Obviously not all the increase in the national debt has been due to the transfer of money from the citizen to the speculator; a significant amount of the debt problem is the consequence of the crash itself and the impact of the crash on people's balance sheets.

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