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Thread: Austerity leads to higher death rates.

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    Re: Austerity leads to higher death rates.

    Quote Originally Posted by JP Hochbaum View Post
    Well are they really to blame for their economic collapse?
    Of course they are! There is simply no excuse for running deficits during periods of continued economic growth, especially when such a level of growth is not sustainable for long periods of time.

    Most of the collapse is due to private held debt.
    The "collapse" is due to austerity. A nations inability to borrow at levels necessary to maintain (let alone expand upon) previous levels of expenditures will lead to negative shocks in unemployment.

    Their error in judgement was in entering the EU.
    Nonsense! Their error in judgement was in having a non-functioning tax scheme. Their error in judgement was in running fiscal deficits during periods of economic growth without the mechanisms in place to prevent credit market backlash in the event that net capital inflows dry up.

    Sure it would be nice for them to flood drachmas throughout the forex market thereby inflating away much of their debt obligations. However, Greece would never have reached previous levels of economic growth without EU membership.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Austerity leads to higher death rates.

    Quote Originally Posted by JP Hochbaum View Post
    Well are they really to blame for their economic collapse? Most of the collapse is due to private held debt.

    Their error in judgement was in entering the EU.
    No, that's not what happened. Public debt, the government cooking the books when it came to fiscal policy, these things contributed in a major way.

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    Re: Austerity leads to higher death rates.

    Quote Originally Posted by JP Hochbaum View Post
    A story in Bloomberg illustrates how the combination of budgets slashed thanks to austerity policies leads directly to deaths. The Wall Street Journal described last year how distress in the Greek economy had produced a significant increase in suicides. A new Bloomberg story recounts how severe cutbacks in hospital staffing have enabled superbugs that is hard to combat even under normal circumstances to inflict even more fatalities than usual in Greek hospitals. An ugly side to this problem is that overreliance on antibiotics in Greece created the conditions that helped these potent infectious agents to develop.

    I donít know about you, but this has a Dickensian sound to it. People dying in due to chronic hospital understaffing sits uncomfortably with the pristine, efficient image of modern medicine. But this is far from the only instance where the crisis has served to reinstitute a more brutal social order.\

    The Wages of Austerity: Superbug Runs Wild in Greek Hospitals ę naked capitalism

    In my opinion austerity is simply immoral and inhumane.
    creating dependency is simply immoral and inhumane

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    Re: Austerity leads to higher death rates.

    Quote Originally Posted by TurtleDude View Post
    creating dependency is simply immoral and inhumane
    It amounts to little more than enslavement to the state.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

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    Re: Austerity leads to higher death rates.

    Quote Originally Posted by lizzie View Post
    It amounts to little more than enslavement to the state.
    absolutely-its like putting out a bird feeder and then stop filling it in the coldest day of the winter

    lots of dead birds

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    Re: Austerity leads to higher death rates.

    I actually didn't offer a solution, but if I were the ECB should treat its member states like they do with states in the US and continue to supply Greece with the Wuros to pay that debt. OT Greece should leave and start their own currency.
    My blog, where I talk latest news on economics and some other issues.

    http://hereticaldruthers.wordpress.com/

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    Re: Austerity leads to higher death rates.

    Greece is a perfect example of why Governments should get out of the "take care of you" business, and focus ont he "Make sure society if free, and legally equal". People fail, life sucks, trying to pay for it all with borrowed money and oppressive taxes never works.

    EVER.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Austerity leads to higher death rates.

    Living within your means is not austerity, it is responsibility. Austerity is the path the irresponsible must travel to get there.

  9. #29
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    Re: Austerity leads to higher death rates.

    Quote Originally Posted by JP Hochbaum View Post
    I actually didn't offer a solution, but if I were the ECB should treat its member states like they do with states in the US and continue to supply Greece with the Wuros to pay that debt. OT Greece should leave and start their own currency.
    You realize the only thing keeping Greece afloat right now is central bank funding; if they werent getting that you would see real austerity, the kind granted by not having any money. As opposed to right now where they have some.

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    Re: Austerity leads to higher death rates.

    Quote Originally Posted by Fletch View Post
    Living within your means is not austerity, it is responsibility. Austerity is the path the irresponsible must travel to get there.
    Very well said.

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