As the EU drops the hammer on Greece this weekend saying that the country has to go along with brutal austerity measures including minimum wage and pension cuts or else no bailout and and a default, Irish economist David McWilliams offers this clever 10-minute explanation of the European debt crisis.
Please note that the EU’s approach to what Greece needs to do: massive social cuts, forced austerity, balanced budgets enforced by law at the sovereign level, getting rid of the minimum wage, etc. is what Republicans say we have to do here now because our “debt crisis is even worse”. And as McWilliams points out, the real winners are the banks and the one percent.
After all, none of them get government money. All that goes to those various Others: welfare queens, crony capitalists, moochers and looters. Certainly none of that money goes to people who need it, and absolutely not any of it goes to the one percent. Nope.