austerity
Why Voters in Europe Want a Change of Tactics in the Euro Crisis
Given the catastrophic mantra rising in media reports and from certain pundits, one contrarian point needs to be made clear: democracy can’t and won’t kill the debt-stricken euro. As Europeans at the ballot box are …
Austerity Nation: Britain Strikes as Government Extends Spending Cuts
In a nation where the weather changes by the hour, it’s useful to consult the morning forecast. For the two million public sector workers who walked out of their jobs across the U.K. this morning, today’s outlook likely seemed heavy with symbolism. Blustery winds across the northwest matched the chill of newly announced austerity …
France’s New Austerity Measures: Is It Too Late to Put Out the Fire?
French Prime Minister François Fillon unveiled another batch of debt-reduction measures Monday—and in so doing officially removed the word “austerity” from the blacklist of political correctness to which it had been banished. Instead Fillon rehabilitated the term as the weapon capable of preventing contagion of the euro zone …
From Wall Street to Tahrir Square, a New Distrust of Leaders’ Promises
Outrage at a status quo that serves powerful elites at the expense of the majority has, over the past year, drawn millions of (mostly) young people onto the streets of Madrid, Athens, Santiago, New Delhi, Tripoli, Cairo and now even New York City. But their anger is not confined to the status quo; it is also directed at the …
Love Actually: Labour Hearts Hugh Grant But Feels Little Passion For Its Own Leader
It’s a problem unlikely to trouble U.S. politicians any time soon: there’s so much common ground between Britain’s three largest political parties that they struggle to define themselves against their rivals. Yes, their histories and traditional values are quite different. But since Tony Blair led Labour to the center and …
British Kids: Still Unhappy, Unloved and Out of Control
On Sept. 13 the BBC’s main evening news flashed up a TIME cover. There’s nothing particularly unusual in our stories making headlines in other media, but this was more than three years after publication. The story in question, about why Britons appear scared of their kids, and to what extent they’re right to be so, provoked comment and …
Channelling Buffet, French Rich Demand Higher Taxes
It’s a small, real-time world, and it’s now evident no niche is too elite or removed from it to withstand a fad that has gone viral. Take France’s rich folk, who have turned billionaire businessman Warren Buffet into the hottest trend-setter among the globe’s super-wealthy by echoing his attention-grabbing New York Times …
French Austerity Measures Also Cut Touted Sarkozy Reforms
As polls have persistently shown both leading candidates in France’s Socialist Party presidential primary beating conservative incumbent Nicolas Sarkozy in mock elections over the months, Elysée advisers have confidently predicted voters will again swing behind their champion en masse once he starts campaigning on his bilan—or, …
Britain’s Riots: A Grim Portent of the Consequences of Europe’s Economic Crisis?
To reduce the riots that have shaken Britain this week to nothing more than criminal wickedness, as Prime Minister David Cameron and his cohort tend to do, is a dangerous exercise in denial. And it barely survives the most cursory scrutiny: Thousands of people don’t suddenly take to the streets to manifest wickedness as if in …
London Riots: A Blast From The Past Or A Glimpse Of The Future?
At first glance there’s little to separate the riots that swept through Tottenham overnight and the street battles in the same part of North London a quarter of a century ago that reached a peak of violence with the murder of a policeman called Keith Blakelock. Both riots were sparked by fury at police after the deaths of black …
Envious Of U.S. Debt Ceiling Conflict, France Considers One Of Its Own
Were Paul Krugman to be inhabited by the not-so-kindred soul of Ronald Reagan, the Nobel prize-winning economist and New York Times columnist might be looking towards Europe airing the disapproving lament, “Well, there you go again”. And just who would the culpable “you” up to something iffy again be? French President Nicolas …
In Greece’s Austerity Intifada, a Challenge to Western Economic Orthodoxy
Tens of thousands of young people — and many older ones, too — gather in the main square of the capital, driven to protest by the despair of unemployment and a social system that cannot meet their aspirations for a decent life. And also by their realization that those in power serve outside agendas that have nothing to offer their own …