Monday, June 29, 2015

The South

I was living in Europe was the dawn of the Euro was nearing, and being an economist type I spent time with a lot of other economist types, and for some of them it was just a given that southern yurpean countries (Greece, Italy, Spain), were just too "irresponsible" to be included in the Euro. Whatever the merits of the Euro as established as an idea, that notion was baked into the DNA of the institutions that helped to establish it. For some, pushing out Greece is just a way to achieve a decade plus -long "I told you so."

Also there's the stealing of everything that's nailed down in Greece by the banksters justified by the fact that Greece is too "corrupt."

Don’t be taken in by claims that troika officials are just technocrats explaining to the ignorant Greeks what must be done. These supposed technocrats are in fact fantasists who have disregarded everything we know about macroeconomics, and have been wrong every step of the way. This isn’t about analysis, it’s about power — the power of the creditors to pull the plug on the Greek economy, which persists as long as euro exit is considered unthinkable.

So it’s time to put an end to this unthinkability. Otherwise Greece will face endless austerity, and a depression with no hint of an end.