Härra Mauruse maja on sõnnikukast

Ex-Bank of England chief sees eurozone in deep trouble

…..No easy way out for the eurozone

How might the eurozone’s problems be resolved? King identified four options, none of them pleasant:

1. Continued high unemployment in periphery countries until wages and prices fall enough to regain eurozone-wide competitiveness. This might entail a further decline in average wages of 20 percent or so in those countries. Unfortunately, high unemployment entails weak domestic demand, which works against recovery.

Alexis Tsipras The debt crisis in Greece swept Tsipras and his Syriza party into power, but most eurozone nations – Greece’s creditors – oppose Athens’ anti-austerity agenda

This is the policy pathway currently being pursued, but: “There’s a limit to the economic pain that can be imposed before there’s a bad reaction,” King said, pointing toward increases in the support in nationalist parties of the left and right in many European countries.

2. A period of high inflation in Germany, accompanied by wage and price restraint in the eurozone periphery.

3. Large-volume fiscal transfers from North to South, indefinitely: the dreaded ‘transfer union’. This would necessarily entail imposition of “significant conditionality” on recipient countries, King said – i.e. it would entail their giving up economic policy sovereignty.

4. Breakup of the eurozone – messy, murky, difficult.

If Lord King’s analysis is correct, creating a common currency before creating an effective political and economic union was a major mistake – and so far, the eurozone has not done well at dealing with the consequences of that mistake.

Ja korrutage palju tahate enda progressiivset juttu, et kasinus peab lõppema. Nii kaua, kui te ei taha tõele näkku vaadata, et euro on valesti loodud monetaarliit, ei ole diskussioonil teiega mõtet.  Seiske loomade õiguste eest, homode õiguste eest, rääkige ökoloogiliselt puhtast majandusest, kõndige paljaste rindadega pool Eestit läbi, minge kuhugile üritusele kilpkonn või sisalik õla peal ja tundke end originaalse ning huvitavana . Ja peamine, žonglöörige suurte filosoofiliste ideedega vabadusest jne.

Kasinuse lõpetamise teostamiseks puudub teil raha, makse te ei suuda alandada nii, et mingit teist maksu kuskil ei tõsta, mis lõppkokkuvõttes on palju  tühja tõmblemist ja kära. Mind isiklikult jätavad külmaks teie magistri- ja doktorikraadid. Härra Mauruse maja on sõnnikukast.

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
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