24 million people in the EU are Unemployed

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New Eurozone unemployment numbers are out – revealing that more than 24 million people in the EU are out of work – the highest number ever recorded. And it shouldn’t be too much of a surprise to those familiar with the crippling austerity measures sweeping the continent that those nations with the highest rates of unemployment are the ones that have fully embraced austerity.

Of the top five nations with the highest unemployment rates – four of them – Spain, Greece, Portugal, and Ireland – have been forced by the EU and the IMF to cut government spending and lay off public sector workers in return for bailouts. Those conditions are clearly not working as those nations continue to sink deeper and deeper into economic ruin.

This same dynamic is being played out in the United States – where states that have embraced austerity on average have much higher rates of unemployment than states that have actually increased spending since the 2007 financial crisis. Yet more evidence that austerity doesn’t work – and the only people who claim it does work are Republicans like Mitt Romney and Paul Ryan who just want to see the economy tank before the November elections.

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I think that the markets in Europe and then here are about to collapse, and we need to have Glass-Steagall in place to survive. With Glass-Steagall reenacted, the federal government can dump the Wall Street gambling debts, they go back to the speculator business, and then put the banks through bankrupcy reorganiztion.

There are Democrats in Congress who support Glass-Steagall, but want to wait until after the election to fight for it. I think that this is a huge mistake. It is so important that there are no bail-outs of European banks, which is apparently being planned by members of our collapsing system.

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Time to Rethink the War on Terror

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When Eric Holder eventually steps down as Attorney General, he will leave behind a complicated legacy, some of it tragic, like his decision not to prosecute Wall Street after the financial crisis, and his all-out war on whistleblowers like Edward Snowden.

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