Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
There is a simple solution to stupid private lending: bankrupcty (ie debt cancellation). Nothing in the European treaties prevented that solution.

And nothing prevented countries from regulating lending more stringently inside their borders. It's "anti-growth" so it usually doesn't happen, but that's the point, isn't it? We can't seem to do the right thing if it costs us anything in the short term.

The grip of our financial world on our politicians (and minds) is what prevented that solution from happening.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Sat Mar 17th, 2012 at 07:32:52 PM EST
[ Parent ]
It's "anti-growth" so it usually doesn't happen, but that's the point, isn't it?

You seem to forget that there are real people whose livelihoods, why, whose lives, are being ground to a bloody pulp because of "anti-growth" policies currently being imposed by the EU.

If what it takes for people to be able to not starve is nominal GDP growth and some inflation, fuck, why isn't it happening? Why do we have pro-growth policies only when it benefits the oligarchy?

Because sure as hell being "anti-growth" doesn't appear to be a political negative these days.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman

by Migeru (migeru at eurotrib dot com) on Sat Mar 17th, 2012 at 07:37:02 PM EST
[ Parent ]


Occasional Series