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  1. #1
    bidiboom is offline Permanently Banned
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    An Interesting Analysis On Europe


    "... Even after all Europe has been through, its leaders still shy away from stating plainly that the idea of putting Italy, Ireland, Spain, Portugal and Greece at a 30% competitive disadvantage by locking them into the same currency as Germany was monumetally folly. The keepers of European orthodoxy have therefore convinced themselves that corrupt Latins and Greeks caused the crisis by failing to keep to the rules. The utopian schemes of a deluded EU had no party to play. Turn southern Europeans to northern Europeans by means of rigorous austerity program and -voila!- crisis solved.

    EU leaders in denial make a cheerful bunch. President Nicolas Sarkozy is assuring French voters that the worst is over. On March 6, the EU Economic and Monetary Affairs Commissioner Olli Rehn said that he was confident the euro zone would recover from recession and the restructuring of Greek debt would succeed. The European Central Bank is boasting that it saved the world from a second credit crunch by lending $1.3 trillion to southern Europe's banks. Meanwhile, Finnish Prime Minister Jyrki Katainen is facing the future with such confidence, he told anyone prepared to listen that a meeting of EU leaders on March 1 was "not a cirisis meeting."

    The miserable inhabitants of southern Europe might manage a grim smile. Unemployment is 20% in Greece and 23% in Spain. Almost half of young people are out of work in both countries. Portugal and Italy are in recession, and few can see a way out. There is only so much punishment these people will take before they revolt.

    More punishment is all the EU is offering them. It thinks it can impose austerity during a recession on countries that do not have the option of improving their competitiveness by devalueing their currencies--without pushing them deeper into the mire. Instead of healing them, austerity is crushing demand and sending debt-ridden countries closer to bankruptcy. Greece is already there--as everyone except the EU admits. Portugal looks ready to follow.

    Redemption will only come from an honest admission of failure. The EU is nothing like the monstous utopias of Hitler and Stalin, so I will spare you the Nazi comparisons. But its utopianism has created a "gentle monster"--to use the German poet Hans Magnus Enzensberger's nice phrase. It has insisted that there is no alternative to ever greater union and did not understand that "the notion of a lack of alternatives offends human reason, because it amounts to a ban on thought."

    Honesty will require the northern Europeans to show that their talk of "European solidarity" was not just windy nonsense. They need to spend vast sums on cleaning up the mess. Either they throw money at the countries of southern Europe to help them stay in the euro and restruct their economies, or they throw money at the countries of southern Europe to help thme leave without suffering cataclysmic breakdown.

    The alternative--for there is always an alternative--is to allow southern Europe to fall into ruin and despair, a precursor of the conflict the EU was founded to prevent. And that is an alternative no civilized European should contemplate... "

    This was an excerpt from Nick Cohen, a regular journalist for the Observer, but this one took place in Time, he writes occasionally. He is also the writer of this book:
    Nick Cohen: Writing from London | You Can’t Read This Book

  2. #2
    nymedicaid is offline Junior Member 510 points
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    good information. thaks for the quality and quantity.

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