Me thinks there will be a HOT summer in Europe. Spain’s youth rebels against the insane austerity measures imposed on the economy by the Spanish government. The unemployment rate for young Spaniards is 40%. The Lost Generation of Young Spaniards is outraged:
We are ordinary people. We are like you: people, who get up every morning to study, work or find a job, people who have family and friends. People, who work hard every day to provide a better future for those around us.
Some of us consider ourselves progressive, others conservative. Some of us are believers, some not. Some of us have clearly defined ideologies, others are apolitical, but we are all concerned and angry about the political, economic, and social outlook which we see around us: corruption among politicians, businessmen, bankers, leaving us helpless, without a voice.
This situation has become normal, a daily suffering, without hope. But if we join forces, we can change it. It’s time to change things, time to build a better society together. Therefore, we strongly argue that:
«You will never balance the Budget through measures which reduce the national income. The Chancellor would simply be chasing his own tail – or cloven hoof! The only chance of balancing the Budget in the long run is to bring things back to normal, and so avoid the enormous Budget charges arising out of unemployment … Even if you take the Budget as your test, the criterion of whether the economy would be useful or not is the state of employment … I do not believe that measures which truly enrich the country will injure the public credit … It is the burden of unemployment and the decline in the national income which are upsetting the Budget. Look after the unemployment, and the Budget will look after itself.» — John Maynard Keynes
Keynes in a 1933 radio debate (bold mine). Apparently the Troika and German Finance Ministry disagree with Keynes and instead insist, that this time is different and the then failed Treasury View will now work miracles.