Death by Austerity

There's just no way that the financial crisis in Europe ends well.  All the central bank action designed to ease bank liquidity by providing billions in loans and guarantees would be great if the Euro zone economies were tuning up.  But they're not.  And diving GDP is creating bigger deficits (tax revenues go down while automatic stabilizers kick in to increase government spending) leading austerity cheerleaders to call for more cuts.  In Ireland, where they have been chasing their tail for months, the government is set to announce another round of austerity, this time taking almost 4 billion eu out of the economy.

The British government is warning embassies all across Europe to be on the watch for social unrest, and have created advisories for helping British citizens escape a Eurozone collapse.  Can I point out that the ruling elite in Europe have a pretty crappy record of handling crisis?