Latvian Option

[Joanne98]

Tackling national debt with measures similar to those adopted by Latvia.

Writing for The Guardian, Michael Hudson and Jeffrey Sommers observed:

The “Latvian option” is the buzzword of the moment among European bankers and financial journalists. In October, the Latvian people voted in a coalition headed by the incumbent prime minister Valdis Dombrovskis, whose government had savaged social benefits, cut pay and inflated unemployment in 2009. Was this proof that austerity measures could not only work, but actually be popular? Was Latvia the model that Greece, Ireland and Spain should emulate?

The Wall Street Journal, for one, has published several articles promoting this view. Most recently, Charles Doxbury advocated Latvia’s internal devaluation and austerity strategy as the model for Europe’s crisis nations to follow. The view commonly argued is that Latvia’s economic freefall (the deepest of any nation from the 2008 crisis) has finally stopped and that recovery (albeit very fragile and modest) is under way.

However, Hudson and Summers cautioned:

The method by which the EU’s creditor nations and banks would like to resolve this crisis is “internal devaluation”: lower wages, public spending and living standards to make the debtors pay. This is the old IMF austerity doctrine that failed in the developing world. It looks like it is about to be reprised. The EU policy seems to be for wage earners and pension savers to bail out banks for their legacy of bad mortgages and other loans that cannot be paid – except by going into poverty.

http://schott.blogs.nytimes.com/2010/12/23/latvian-option/

People who vote against their own interest screw everybody else up. Because the traitor humans in Latvia didn't rebel we will all suffer as the bondholder filth forces this model onto the rest of us.

There is no doubt that the human race will be forced to punish people who sell out the rest of us.

It's coming sooner or later.

Merry Christmas traitors in Latvia. See you next year!