globaleconomicanalysis.blogspot.com / Mike “Mish” Shedlock / Thursday, November 06, 2014 3:43 PM
In Search of Austerity
In spite of the fact there has been little-to-no austerity to speak of in Europe, or anywhere else in the world for that matter, (rising government debt proves that claim), France moans about austerity, Spain moans about austerity, Italy moans about austerity, and economists like Krugman moan about austerity.
There is certainly no austerity in Belgium either. Nonetheless, the BBC reports 100,000 Protest Austerity in Brussels.
Riot police have fired tear gas and water cannon during clashes with demonstrators as at least 100,000 people marched through Brussels in the first mass protests against government austerity measures.
Protesters overturned cars and threw paving stones and fireworks during the protest against economic reforms that will extend the pension age, contain wages and cut public services.
The government says the austerity measures are essential to keep the budget deficit within European Union constraints.