Austerity Is Not Working
In 2007, the subprime mortgage industry in the United States collapsed, bringing on a credit crunch and a recession on a global scale. The European sovereign-debt crisis followed and, some thinkers argue, the mess must be resolved through austerity measures. But something isn’t right. In April 2012, a 77-year-old retired pharmacist shot himself in the chest during rush hour on Athens’ Constitution Square to protest the harsh conditions brought on by austerity. He is just one in a wave of suicides in austerity-affected countries like Italy and Greece. Is austerity no working, or is it working just as it’s supposed to: bringing countries to their financial knees so bankers can remake them from the ground up?