Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The subject is the G20 statement that fiscal stimulus is out, and austerity is in. As reported by the FT:
Finance ministers from the world's leading economies ripped up their support for fiscal stimulus on Saturday, recognising that financial market concerns over sovereign debt had forced a much greater focus on deficit reduction.
In itself this is a rather important, if totally unsurprising, shift.
So, the whole point of the G20 these past 18 months has been to shore up the financial sector by transferring the insolvency problem from the private to the public accounts and now that will be used to destroy whatever social safety net there is.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Carrie (migeru at eurotrib dot com) on Sun Jun 6th, 2010 at 05:29:46 AM EST

Others have rated this comment as follows:


Occasional Series