… desastrea handituz doa.

While Europe debates a placebo the disaster deepens¹.

Eztabaidatzen den plazeboa hauxe da: QE

QE delako horretaz aritu gara blog honetan:

• Mosler-en hitzez, QE zerga bat da²

• EBko krisia eta QE³

• Randall Wray-k Paul Krugman-ez eta QEz⁴

• EBn norabide aldaketa behar da⁵

Mosler-ek aspaldian salatu zuen inozoentzako amua den QE⁶.

Bien bitartean desastrea sakonduz doa…

Izan ere, hona hemen Mitchell-ek emandako datu batzuk:

“Last June, the OECD released a report – Income Inequality Update – which provided recent data on trends in income distributions and the demographic impacts of rising inequality.

The results are well known now although the implications of the trends exposed are less appreciated.

The OECD found that:

i) “The distribution of ‘market income’ (gross earnings and capital income) kept widening even as many countries recovered from the crisis.

ii) The largest rises in inequality “occurred in those countries hit hardest by the crisis: Spain, Ireland, Greece, Estonia and Iceland but also in France and Slovenia. In Spain and Greece, inequality of market income widened considerably in the aftermath of the crisis, and kept increasing more recently as the crisis persisted”.

iii) “Lower income households either lost more during the crisis or benefited less from the recovery.”

iv) “In Greece … poverty increased by almost 15 percentage points over the four years to 2011, with large increases (between 9 and 3 points) also experienced in Ireland, Spain, Iceland, Hungary and Mexico.”

v) “Over the four years since the onset of the crisis, young people (aged 18 to 25) suffered the most severe income losses, while elderly people (over 65) were largely shielded from the worse effects of the crisis.”

The OECD use the so-called relative income poverty measure, which is “the share of individuals with an equivalised disposable income below 50% of the national median”.

They also compute “income-poverty risk” for different groups, which is measured relative to the total population.

As the neo-liberal policy dominance emerged over the last 3 decades or so, the OECD has consistently found that “youth replaced the elderly as the group experiencing the greater risk of income poverty”.

The latest data shows that:

The recent crisis has accentuated this trend.”

2020rako helburuak:

“As part of the – Europe 2020 – which was the “EU’s growth strategy for the coming decade”, set in place on March 3, 2010. It replaced the largely failed Lisbon Strategy, that ruled policy making between 2000-2010.

Europe 2020 had five main targets:

• To raise the employment rate of the population aged 20–64 from the current 69% to at least 75%.

• To achieve the target of investing 3% of GDP in R&D in particular by improving the conditions for R&D investment by the private sector, and develop a new indicator to track innovation.

• To reduce greenhouse gas emissions by at least 20% compared to 1990 levels or by 30% if the conditions are right, increase the share of renewable energy in final energy consumption to 20%, and achieve a 20% increase in energy efficiency.

• To reduce the share of early school leavers to 10% from the current 15% and increase the share of the population aged 30–34 having completed tertiary from 31% to at least 40%.

• To reduce the number of Europeans living below national poverty lines by 25%, lifting 20 million people out of poverty.”

Lotzeko zena:

“Thinking about the poverty and employment targets in this blog, one would conclude that there is little chance the strategy will be even remotely successful.

The pledge to “bring at least 20 million people out of poverty and social exclusion by 2020″ will fail dramatically.”

Lortu dena:

“In 2010, there were 118,294 thousand people living in poverty in the EU which comprised 23.8 per cent of the EU population.

By 2013 (the latest data), that number had risen to 122,649 thousand or 24.5 per cent of the EU population.. So an addition 4.4 million people entering poverty over the first three years of the plan. The situation will get worse not better unless there is a dramatic shift in policy.

Data from the latest – EU Employment and Social Situation – Quarterly Review – shows that there is little chance of achieving the employment target of achieving employment to population targets of at least 75 per cent.”

Beraz?

Ondorioak:

“A dramatic shift in policy is required. The most imaginative the Europeans appear to be at the present is cogitating about QE, a policy change that will do virtually nothing to alleviate the crisis. And even that placebo-intervention is causing incredible angst among Germans who consider the sky will fall in if the ECB acts.

Well the sky is already falling in and huge increases in fiscal deficits are required – much more than just a few billion euro of bond purchases by the ECB.”

Alta ekonomialariak, politikariak eta kazetariak plazeboaz (hots, QEz) ari dira etengabe gainera, alegia, EBZ-k luzatuko bide dituen  bono erosketen euroez.

EHn, noski!, saltsa berean mugitzen dira: zorabioaren zorabian eta erabat galduta!

Errepika dezagun: … huge increases in fiscal deficits are required…

Argi?