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He hints that this is the beginning of the end for Europe, and that if the Eurocrats don't get the lesson that people need growth -- not just austere stability -- then it's all over.
This is the way the euro ends: not with the banks but with bunga-bunga.
OK, the euro isn’t doomed — yet. But the Italian election signals that the eurocrats, who never miss an opportunity to miss an opportunity, are getting very close to the edge.
The fundamental fact is that a policy of austerity for all — incredibly harsh austerity in debtor nations, but some austerity in the European core too, and not a hint of expansionary policy anywhere — is a complete failure. None of the nations under Brussels/Berlin-imposed austerity has shown even a hint of economic recovery; unemployment is at society-destroying levels.
For our explanation of why voters in Italy staged a "rebellion" see here >