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This explains the European debt crisis perfectly!October 30th, 2011 |
 6 comments to This explains the European debt crisis perfectly! |
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These folks always seem to cut straight to the heart of things, don’t they?
Thankyou. Superb. Spot-on commentary.
If the Chinese can be convinced to buy Saab, and the investors don’t immediately go under, then they can be convinced to buy the rest of Europe as well. Right?
So it has come down to this, passing the begging bowl around in the hope that Europe can enjoy the good life just a bit longer. Pathetic.
Almost needless to say…..
The Economist magazine denounced the deal….. as not statist enough.
Supposedly the German government is “starving” the “rescue fund” (bailout slush fund) of money.
So when the scheme fails (which, of course, it will) the “free market” Economist magazine will have an excuse – it was not statist enough, they should have spent more money (and on and on…..).
More depressingly David Davis (the person who lost the Conservative leadership election to David Cameron) produced similar absurdities. In Friday’s BBC Radio Four “Any Questions” show.
The trillion Euro bailout fund (mostly financed by more complex credit bubble schemes – as the computer characters explain) is not big enough – it should have been two trillion.
And the Greek government should not have defaulted on 50% of its debts (the debts it ran up funding its Welfare State) – no it should have been allowed to default on 75% of it.
In the same show Mr Davis also said how much he admired the “Arts Council” the post World War II government fund (set up by Lord Keynes) to fund leftist artists at the expense of the taxpayers.
Perhaps it would not have made much difference if the Conservative leadership election had gone the other way……
Anyway back to the main point…..
No matter how big the stimulus and bailout schemes are the “mainstream” (the education system, the media and so on) will simply claim, when they inevitably fail, that they were not big enough.
And most of the (government funded) financial elite will agree – indeed they already are.
The end result (the logical implication) of the ideology supported by most of the “1%” is that they should be thrown to the Reds and torn to bits.
But, somehow, they get stuck on the “we get lots of lovely subsidies” bit of the ideology – and miss the logical end point.
I love the show that was done concerning Bernanke, pointing out that one reason people trusted him was that he “has a nice beard”.