The big loser on the
week ending Sunday? Germany. They lost The Netherlands on the same day as
the first round of voting in France was underway as its government vaporized
because of austerity. They lost Greece
when the ruling coalition lost the elections Sunday. They lost France – the big one – when Merkozy
was fired. And all because Herr Wolfgang
Schauble, the German Finance Minister and Merkel believed in Hooverism for
everyone else, except Germany. Guess
what? German economic theory that put
austerity at the top of the list of actions that needed to be taken, followed
closely by….austerity in number two position closely followed by – wait for it
– more austerity, has resulted in the implosion of the Dutch government,
amazing suffering of ordinary Greeks resulting in social upheaval and the rise of a true Nazi party (ok, named after
a fantasy role playing game, but nevertheless…) and defeat for the parties that
agreed to the German prattle and yesterday the dumping of their partner in crime,
Sarkozy. And guess what guys, Spain is
next.
Now – suddenly – as if
struck by lightning, the Germans are talking about growth policy. Get this: Foreign Minister Guido Westerwelle
said that France and Germany should "quickly get to work on adding a
growth pact to the fiscal treaty to promote competitiveness". Then, the
architect of the current mess, Wolfgang Schauble says that wages in Germany
should rise, so increasing the demand for exports from the rest of the eurozone
and raising economic growth. "By raising pay, Germany would help reduce
economic imbalances in Europe", Mr Schauble said. It doesn’t get better
than this. Now the Germans are warning Greece and everyone else that there will
be no change to the fiscal stability pact.
Yes, that’s the position for Germany to take. Very, very clever those threats.
Oh – and a word to
Republican idiots in the US. Hooverian
austerity doesn’t work. Period.
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