Quote:
Originally Posted by Respenus
This could also be an interesting read. It's a blog from what seems one of the rare Keynesian economists still out there willing to present themselves as such. In an case, his criticism of the big cats getting everything and the ordinary people having to pay "double". I myself have become weary of the constant bailouts, and it seems what Greece might possibly an additional $60bn, if not even more. While I know that the money gets repaid with interest and that states more or less only issue guarantees, the whole thing has gone beyond silly and into bats**t insane.
The problem is, if the euro is allowed to be taken down by the markets, the economic crisis which would come after it, would probably make the Great depression of 1929 look like a walk in the park. We've sold ourselves to the markets and now we don't have the spine to say no. I'm more than certain that the European citizen would be willing to take a little hardship in response to our bloody leaders actually doing their jobs and protecting us. The big problem is that the mechanisms that were proposed by the European Commission to take "care" of the problem are even more draconian at times than what the market defends. It is a sad day that the EU looses a staunch supporter like myself. It's not that I mind the 4 liberties, I quite enjoy having them. Having the rights my great-grandparents fought for being eroded away, well, that's another thing. Paraphrasing the words of Sarrazin, Europäische Union schafft sich ab.
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Nice read.
This bailout scheme is socialist banking and allmost all of the Keynesians are behind it, they cant admit they where wrong.
The Great Depression II is coming whatever we do but these bailouts make it even larger.