Friday, July 3, 2015

Europe Must End Austerity and Balance Budgets

Greece, regardless of any popular vote, have the right to leave the Euro. Those that view this right more as a privilege see nothing wrong with punishing Greece by austerity. Any student of history knows that austerity, positioned as balanced budgets by the Hoover Administrated, fail to pull the United States out of the Great Depression in the early 30's. Austerity's failure ensured Roosevelt's victory in the 1932 election. The vote of the people, the execution of the democratic process that the Trioka desperately wants to avoid, paving the way for the confiscation of gold and devaluation the US dollar. These moves ended the vicious cycle of deflation and allow the economy and stocks to begin the recovery process.

If Greece does not abandon austerity, the vicious cycle of deflation, unemployment, and social unrest will not only worsen but also spread within the EU like an uncontrollable cancer. This backdrop will sow the seeds of conflict and hate that will plague Europe for generations.

Headline: 'Yes' camp takes slim lead in Greek bailout referendum poll

ATHENS (Reuters) - Supporters of Greece's bailout terms have taken a wafer-thin lead over the "No" vote backed by the leftist government, 48 hours before a referendum that may determine the country's future in the euro zone, a poll showed.

The opinion poll by the respected ALCO institute, published in the Ethnos newspaper on Friday, put the "Yes" camp on 44.8 percent against 43.4 percent for the No" vote. But the lead was within the pollster's 3.1 percentage point margin of error, with 11.8 percent saying they are still undecided.



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