Today’s Editorial in the NYT clearly explains what we have all been saying all along! Europe has the resources and the mechanisms and everything to stave off this crisis without running begging hand out stretched to the Chinese, who quite sensibly want no part of this. I mean stringent austerity measures on its best customers? Why should they bother?
http://www.nytimes.com/2011/11/30/opinion/germanys-denial-europes-disaster.html?_r=1&hp
What is wrong with the woman???? I refer of course to Angela Merkel, but of course this includes the whole of the German Poltical/Economic community. Have they gone collectively blind? Or is it that they have been collectively afflicted by the lucky gambler’s syndrome (aka stock broker syndrome). Since it has been on the up and up for so many years, it believes it is invincible and always right. But when the gambler or the stock broker reaches this point it is inevitably the point of Nemesis. When he crashes. The trouble is, this is like the nursery rhyme, of:
Ringa aring a roses, a pocket full of posies, Atishou Atishou, we all fall down!
And we all fall down means ALL of us, US economy too.
The only reason Germany even has this position of bullying dominance today is because of the enormous amount of funds poured in to the German economy by the American Marshall Aid plan. And, I must add, the work of all those hordes of indolent lazy good for nothing gestarbiters (including a large number of Greeks and Turks and Slavs).
Merkel is hell bent on punishing the miscreants who don’t keep to strict germanic discipline in budgetary matters. Well, if miscreants should be punished she should at least admit that her own country only got to where it is because the victors then not only decided punishment would be counter productive but that what was needed was a great influx of aid to get the country back on its feet and into the mainstream of economic life.
This unbelievable chancellor would do well to ponder that policy that lead to peace and prosperity for so many years before she goes plunging us ALL back to where her country started from some sixty years ago.