The usual prejudices come in when a union leader lists the facts of the indisputable harm caused by austerity. But when the same criticism comes, in the Financial Times from the arch-capitalist at the head of bond market colossus PIMCO, then people pay attention.
Failure to heed this obvious fact has caused the eurozone to shrink by 0.5% this year.Originally Posted by Bill Gross
Think of that, in a doomed, pointless attempt to save money, we've actually taken five cents in every tenner from everyone in the eurozone.
And for what? Well, we've slightly, very slightly, shaved down the total deficit of the EZ.
How did we achieve this? By bringing eurozone unemployment to all-time highs!