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    moral, er, hazard..., 2009-03-26 11:15:42 | Main | what the fuck kind of racket is this..., 2009-03-26 12:33:27

    the poor have had it too easy, the rich have suffered too much:

    The International Monetary Fund is more or less just the US Treasury Department, so it should be extremely amusing to watch them wave around their longstanding double standards

    Romania, among the poorest of the EU's 27 members, is being urged to recapitalise its banks, boost its deposit guarantee scheme and toughen supervision, including winding-up laws.

    It is also urged to undertake "an orderly correction of imbalances in the medium term" and "improve competitiveness" IMF-speak for savage wage cuts. Latvians are experiencing cuts of between 20% and 30% in their incomes.

    At the core of the programme is a commitment by Bucharest to limit the budget deficit to 5.1% this year and to cut it further to 3% the ceiling imposed by the Maastricht treaty in 2011. Other measures imposed as a condition of the loan are due to be outlined later.

    When it's their own country it's all spend-spend-spend, to the moon alice, and blow harder! When it's some podunkville source of cheap labor that they can push around it's all market discipline, fiscal tightwaddery, and fiery suffering.

    update: At least Republicans still know how to shit on poorer Americans. Silly welfare queens, blow is for the gilded!


:: posted by buermann @ 2009-03-26 12:01:29 CST | link





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