The Global Financial Death Spiral? Part I The Disintegration Of The Global Financial Architecture

By Kristie Pelletier and Michael S. Coffman, Ph.D August 27, 2013 NewsWithViews.com Part I—The Disintegration of the Global Financial Architecture Beginning in 2009, Estonia…implemented real austerity through actual spending cuts and tax reform that did not aim to increase revenue in nominal terms from its pre-austerity level… This was not the result of an increased average tax burden, which had fallen by approximately 6 percent from the previous year…, but it was the result of economic growth, which had already reached 2.3 percent in 2010 and 7.6 percent in 2011. The problem with the U.K.—and the rest of Western Europe—is that government is squeezing more and more tax revenue out of a shrinking economy. Matthew Melchiorre, Competitive Enterprise Institute, May 7, 2013 Most American’s have been so focused on trying to make ends meet as the purchasing power of their paycheck rapidly declines that they have only been peripherally aware of what is happening in the world at large.



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