Austerity, or job growth?
If there was a time in history that has shown the spectacular failures of neo liberalism and free market fundamentalism, it is now. Those who still push for austerity measures as a solution to the economic abyss they have created globally, but in particular, in Greece, Portugal and in Spain are incapable of recognizing the disastrous reality their economic regime has created.
Citizens are enduring the most extreme form of fiscal austerity imposed on them by their governments. This past Summer at Los Cabos, a statement released at the end of the G20 meeting spoke about “the leaders of the world’s largest economies have agreed to step up efforts to boost growth and job creation”. What we have seen since then is the same austerity policy being enforced.
Now in Berlin, the heads of five of the world’s most influential finance and economic organizations have met for talks on the global economy. (OECD Secretary General Angel Gurria, WTO Director General Pascal Lamy, ILO Director General Guy Ryder, IMF Director Christine Lagarde and World Bank President Jim Yong Kim). It seems the focus of the meeting was on growth as a solution to the economic crisis Europe is in. You don’t say. No, really. At least in theory, they are almost there. What policies the EU will follow to create job growth still remains a mystery.
Professor Mekonen Haddis