Is Europe’s Austerity Policy just Incompetent?

ECB-1

The turmoil within Europe over this austerity policy is reaching astronomical proportions. This crazy failure to comprehend that you cannot raise taxes and increase regulation while expecting an economic recovery is stunning. All the ECB is doing is bailing out banks while interest rates go negative wiping out the savings of elderly and pension funds. They cannot grasp how to run an economy destroying Europe in their incompetence. I have never seen such insane policies implemented with no hope in sight.