In Search of Austerity

In spite of the fact there has been little-to-no austerity to speak of in Europe, or anywhere else in the world for that matter, (rising government debt proves that claim), France moans about austerity, Spain moans about austerity, Italy moans about austerity, and economists like Krugman moan about austerity.

There is certainly no austerity in Belgium either. Nonetheless, the BBC reports 100,000 Protest Austerity in Brussels.

Riot police have fired tear gas and water cannon during clashes with demonstrators as at least 100,000 people marched through Brussels in the first mass protests against government austerity measures.

Protesters overturned cars and threw paving stones and fireworks during the protest against economic reforms that will extend the pension age, contain wages and cut public services.

The government says the austerity measures are essential to keep the budget deficit within European Union constraints.

In the above link, the BBC has a nice video of overturned cars and trucks. The riots are actually far worse as the following images show.

Gallery of Riot Images

Please check out the Sky News Gallery of Riot Images Here are two of six images.

Wherefore Art Thou Austerity?

Austerity, austerity, wherefore art thou austerity?

Austerity is a curious thing. It’s nowhere to be found. Nonetheless, economists and governments constantly complain about it. Citizens in Greece, Spain, France, and Belgium have taken to the streets to protest it.

Today we have riots in Brussels. I sense this is just the start of the protest against austerity even though it’s nowhere to be found.

At the heart of the matter is a lack of jobs and rising income inequality. Austerity caused neither. Central banks and government policies did.

Mike “Mish” Shedlock