Sunday, September 23, 2012

Austerity in Europe--for Some

Millions of Europeans are suffering from wrenching declines in living standards.  The financial crisis of a few years ago was jolting and was followed by harsh austerity measures that have been imposed by governmental bodies, notably the European Central Bank.  

But the ECB apparently is better at telling others to tighten their spending than it is with its own.  The ECB is constructing a new headquarters in Frankfurt that is now estimated to cost $1.2 billion euros, or almost $1.6 billion dollars.  

It's apparently the same everywhere.  The political elites are well provided for and the economic and financial elites reap the gains from a system of privatized profits.  Meanwhile,  the rest struggle and bear the financial costs of socialized losses when crony capitalism goes awry.

Steve Lehman

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