When austerity bites
by digby
In case you were wondering what went down in France that resulted in a dissolution of the government, this article should clear it up for you. Let’s just say that it’s a mess, mostly because the German government’s continued insistence on austerity policies is destroying Europe’s economy. The current discontent in France is, unsurprisingly, coming from the left — as it should:
A beleaguered François Hollande may now be hoping for a tangible gesture of support from Merkel for having been such a staunch supporter of German austerity policy. Merkel may be too distracted by the troubles in Ukraine to help out in France, however. But it is hard to see how the open split in the French left can do anything but increase the pressure on Merkel to recognize that austerity has not achieved the desired results and may now be exerting a substantial drag on Germany’s hitherto unstoppable economic engine: German GDP declined by 0.2 percent last quarter. France’s parochial troubles may then be merely the latest indication that a deep-seated European crisis continues to simmer and may boil over at any moment.
It seems as though everything may boil over at any moment.
But hey, the rich are doing very well so it’s all good, amirite?
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