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The moral hazard involved in handouts to lazy economies makes the whole idea intolerable, even though it would be far cheaper than forcing them to default.

Yes, we realize we are cutting off our nose to spite our face, but it's important to punish the guilty, even if we have to ruin our economy in the process.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Mon Sep 12th, 2011 at 07:57:31 AM EST
[ Parent ]
And if all else fails, we can always shame them by flying their flags at halfmast...

Economics is politics by other means
by Carrie (migeru at eurotrib dot com) on Mon Sep 12th, 2011 at 08:13:58 AM EST
[ Parent ]
It's funny that this suggestion is viewed as one of the most objectionable, given that it would be one of the least painful to play along with. No way is having your flag at full mast worth five percentage points of unemployment. It's not even a close contest.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Sep 12th, 2011 at 08:39:40 AM EST
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Narrative...

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Sep 12th, 2011 at 09:07:32 AM EST
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Offer to fly your flag at half mast and upside down in return for sensible policies! The implications of what CH has posted is that the whole problem is a giant hissy fit by a small group of important German players. Hell! Bernake ought to GIVE them 14 billion euros worth of US$ if they will just use it to cover the losses of the German banks, shut up and get out of the way. In the end, that would be cheaper for all of his TBTF buddies.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Sep 12th, 2011 at 09:09:22 AM EST
[ Parent ]
and stand in the corner, in return for a lower interest rate?

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Sep 12th, 2011 at 09:12:46 AM EST
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Paparendou should go stand in the corner with a dunce cap for being too chicken or too stupid to just default already.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Sep 12th, 2011 at 11:59:57 AM EST
[ Parent ]

   

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Mon Sep 12th, 2011 at 01:29:52 PM EST
[ Parent ]
It is interesting to note that J P Morgan's bonus pool for 2010 was $28 billion and Goldman, who had an off year, had a pool of $18 billion. But were anyone to suggest that the German banks's €14 billion losses be paid, even if part, out of the bonus pools, they would quickly find out what is truly sacred in our world.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Sep 12th, 2011 at 01:32:56 PM EST
[ Parent ]
ARGeezer:
It is interesting to note that J P Morgan's bonus pool for 2010 was $28 billion and Goldman, who had an off year, had a pool of $18 billion. But were anyone to suggest that the German banks's €14 billion losses be paid, even if part, out of the bonus pools, they would quickly find out what is truly sacred in our world.

top comment...

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Mon Sep 12th, 2011 at 02:27:51 PM EST
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Not the most objectionable, the most transparently indicative of how insane the conversation has become.
by Colman (colman at eurotrib.com) on Mon Sep 12th, 2011 at 10:51:45 AM EST
[ Parent ]

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