Rapporter från EUrolandet och dess absurda ledare

Notiser om Eurolandets angående den accelererande galenskapen hos dess sk ledarskap

Ekonomiprofessor Mitchell:
(specialiserad i makroekonomi och det monetära)
Greece should default and exit the euro immediately

“Regular readers will note that I have consistently advocated the abandonment of the Euro and especially the immediate exit of Greece, Spain, Portugal, Ireland and Italy to push things along. The basic design flaws in the ideologically-constructed monetary union were always going to bring it down. It wasn’t a matter of if but when.

Over the weekend, there were two pieces of news that told me that “tomorrow is not a day too soon” for the ailing Eurozone countries to announce default and exit.

The EU Finance Ministers met in Wroclaw, Poland last Friday and received the US Treasury Secretary Timothy Geithner who urged them to reverse their current fiscal austerity and to spend more via the “debt rescue fund”. He wanted the European Financial Stability Fund to be able to draw on ECB credit lines.

The Europeans responded by claiming that there was “no room for tax cuts or extra spending” despite their economies now heading back into recession and the monetary system being on the brink of collapse. Of-course, just last week, they were only too willing to draw on the US Federal Reserve (without collateral) to renew the US dollar swap lines to the European banks. When their capitalist mates are in trouble anything is possible but when it comes to saving jobs for the low- or middle-income workers such action becomes impossible.

Yves Smith Nakedcapitalism.com:
Hidden Cost of Greece, Euro Crisis: Suicides

The Wall Street Journal has a sobering but much needed piece on the recession-induced rise in suicides in Greece and the rest of the Eurozone.

The media typically presents the consequences of job and income loss in anodyne, depersonalized terms: unemployment, foreclosure, default, delinquency, bankruptcy. Yet the event fray personal relationships and batter one’s identity and sense of self worth. Sure, there might be a vignette depicting how an individual is affected by a particular type of bad event, but then the story (at least if it’s on the business pages) shifts to the statistics and quotes from various experts. And many people don’t witness this sort of stress first hand, since most victims are deeply ashamed and suffer in silence until their situation becomes untenable.

Key sections of the Journal account:
Two years into Greece’s debt crisis, its citizens are reeling from austerity measures imposed to prevent a government debt default that could cause havoc throughout Europe. The economic pain is the price Greece and Europe are paying to defend the euro, the center…

The most dramatic sign of Greece’s pain, however, is a surge in suicides.

Recorded suicides have roughly doubled since before the crisis to about six per 100,000 residents annually….About 40% more Greeks killed themselves in the first five months of this year than in the same period last year…

Suicide has also risen in much of the rest of Europe since the financial crisis began, according to a recent study published in the British medical journal The Lancet, which said Greece is among the hardest hit…
Förre argentinske centralbankschefen Mario Blejer ger råd till Grekland:
Greece Should ‘Default Big,’ Says Man Who Managed Argentina’s 2001 Crisis.

This debt is unpayable … Greece should default, and default big. A small default is worse than a big default and also worse than no default.

It’s totally ridiculous what is going on … If you assume that these countries do everything that is in the program, they do all these adjustments and privatizations, at the end of 2012 debt-to-GDP will be bigger than this year.

Europas politiker är bokstavligt talat beredda att gå över lik för att rädda deras älskade euro (och bankirer). Utopin om den europeiska superstaten och dess valuta är ännu vid liv. För en utopist som vill skapa ett paradis är inga offer för stora eftersom utopin är så vacker.


Björn Nilsson sa...

Jag såg en artikel om ett förmodat samband mellan kris och ökad misshandel av spädbarn i New York. Fler barn som inte ens är ett år gamla men som kommer in med skallskador till sjukhusen nu än tidigare. Systemet har många sätt att äta människor!

/lasse sa...

System och system, det är fri sikt mellan folket och "trojkan" (EU, ECB, IMF). De sitter inte på en annan planet dessa av folket oavsättbara politiker och tjänstemän. Det är en liten grupp människor som med berått mod fattar dessa beslut som dödar barn, gamla och även arbetsföra medborgare i Europa. Och detta för deras utopi om den europeiska superstaten som skulle komma till stånd bl.a. med hjälp av euron.

Skicka en kommentar

Tillåtna HTML taggar: <b>, <i>, <a>