Wednesday, May 12, 2010

Strategist Says Southern Europe Countries Need Wage Cuts

"Is the package big enough?" asked Paul Lambert, the current director of currency and macro strategies at Polar Capital who's also held roles at Deutsche Asset Management, UBS, Citibank and the Bank of England. "That depends on the success of the debt consolidation in the periphery [and] whether they're ultimately able to have falling real wages so that they can come back in line with the core."

Yes, this is beautiful. Here's another arrogant economist who works for a hedge fund, no less, who says that the answer to Europe's problems is to beat it out of the backs of middle class workers, who must now accept lower wages and falling services, even as massive new debt burdens are placed on their countries so that the bankers and speculators who made so many bad bets can get bailed out!

I pray every night that the protesters in Greece will stand tough and not give up the fight against these avaricious predator bastards!

Be prepared for the same thing here in America, when the austerity proposals being pushed by Pete Peterson and David Walker destroy Social Security, Medicare and other programs and raise taxes for the middle class while cutting investment in things like education, food stamps, etc.

All so that they can have more money to play in their high stake games of speculation.

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