Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
My job isn't going to disappear to Greece (If you'd be so kind as to raise my salary by 40%), my job is going to disappear to China, Taiwan, maybe even Egypt or Malaysia.

No, because we devalue the Euro at the same time.

You get to keep your job, you get to buy more stuff from Greece. A Greek chap gets a job selling you stuff.

Everybody wins.

Except Josef Ackerman and his friends, but fuck them.

in the process I would not only find myself at the same or lower standard of living than before (as inflation would eat up all those gains)

No, you would have a higher standard of living, because you would not be giving away part of your national product for free (which is why you do under a mercantilist currency policy like the one Germany currently pursues).

I also would lose a good part of whatever meager savings I might have in the bank.

Yes. That is a feature, not a bug. Money in the bank produce nothing, create nothing, run nothing. You should only keep money in the bank in order to have liquidity. Savings should be invested, not merely deposited in a bank where they do nothing other than draw an excessively generous government subsidy.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 18th, 2012 at 10:37:17 AM EST
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