There Really Aren’t Any Fundamental Problems In Europe

Well at least Felix Salmon disses the technocrats in his latest missive on the Euro crisis. Quite out of character for the Progressive side of the blogosphere. Not content, however, to speak truth to power he then proceeds to aver that the real problem is that bankers and technocrats are simply trying to kick the can down the road while they line their own pockets.

In his telling, the continent is faced not with failing economies but rather a liquidity crisis that could easily be cured if only more money were forthcoming to douse the flames. Naturally, from this viewpoint austerity is the worst of all possible solutions. No need to bring national spending into some semblance of long-term balance when some freshly minted ECB Euros will salve the wounds.

Thank God the bond vigilantes have this all wrong and none of us need worry about living within our means.

Share

No Related Posts

You can leave a response, or trackback from your own site.

Leave a Reply