Friday, April 20, 2012


Yesterday I was rubbishing the USA, but Europe is also on the path to seeming destruction. Paul Krugman, my favourite economist, laid out the cliff edge scenario in the NY Times.

So if European leaders really wanted to save the euro they would be looking for an alternative course. And the shape of such an alternative is actually fairly clear. The Continent needs more expansionary monetary policies, in the form of a willingness — an announced willingness — on the part of the European Central Bank to accept somewhat higher inflation; it needs more expansionary fiscal policies, in the form of budgets in Germany that offset austerity in Spain and other troubled nations around the Continent’s periphery, rather than reinforcing it. Even with such policies, the peripheral nations would face years of hard times. But at least there would be some hope of recovery.
What we’re actually seeing, however, is complete inflexibility. In March, European leaders signed a fiscal pact that in effect locks in fiscal austerity as the response to any and all problems. Meanwhile, key officials at the central bank are making a point of emphasizing the bank’s willingness to raise rates at the slightest hint of higher inflation.
So it’s hard to avoid a sense of despair. Rather than admit that they’ve been wrong, European leaders seem determined to drive their economy — and their society — off a cliff. And the whole world will pay the price. (Click here for more)

Click here for The Who

The secret word is Fools

Levon Helm – RIP 


JoHnny ~ said...

ask the New York Times the bastion of world capitalim,'is the water warm..??'
IG FARBEN kept a nice pool at Auschwitz..wot's the matter m8, ur pension plan going down khazi..??

Cheeseburger Stew said...

Why not just read the fucking column?

stu said...

guy`s a fucking idiot,ignore him & he`ll troll somewhere else.

JoHnny ~ said...

I may be a troll, but ain't we all dahling, I may be a 'ben-zona', cos I'm a yid from 'North Ken'..but u Sir, are a little on the slow side, if I want shite outta u I'll squeeze ya fuckin' head..enjoy the day _

stu said...


JoHnny ~ said...

nothin' personal m8, it's only business...hahaHa

stu said...