Skip to comments.Those Revolting Europeans (Paul Krugman is glad the Europeans are revolting against austerity)
Posted on 05/07/2012 5:32:37 PM PDT by SeekAndFind
The French are revolting. The Greeks, too. And its about time.
Both countries held elections Sunday that were in effect referendums on the current European economic strategy, and in both countries voters turned two thumbs down. Its far from clear how soon the votes will lead to changes in actual policy, but time is clearly running out for the strategy of recovery through austerity and thats a good thing.
Needless to say, thats not what you heard from the usual suspects in the run-up to the elections. It was actually kind of funny to see the apostles of orthodoxy trying to portray the cautious, mild-mannered François Hollande as a figure of menace. He is rather dangerous, declared The Economist, which observed that he genuinely believes in the need to create a fairer society. Quelle horreur!
What is true is that Mr. Hollandes victory means the end of Merkozy, the Franco-German axis that has enforced the austerity regime of the past two years. This would be a dangerous development if that strategy were working, or even had a reasonable chance of working.
But it isnt and doesnt; its time to move on. Europes voters, it turns out, are wiser than the Continents best and brightest.
Whats wrong with the prescription of spending cuts as the remedy for Europes ills? One answer is that the confidence fairy doesnt exist that is, claims that slashing government spending would somehow encourage consumers and businesses to spend more have been overwhelmingly refuted by the experience of the past two years. So spending cuts in a depressed economy just make the depression deeper.
Moreover, there seems to be little if any gain in return for the pain.
(Excerpt) Read more at nytimes.com ...
What austerity? That word is so misused.
Anyone know to what degree immigrant non-French voters influenced the outcome?
RE: What austerity? That word is so misused.
When Krugman uses the word, he means NOT SPENDING ENOUGH ( and I’m not joking either ).
Lets have the Keynesian spending into prosperity to no end in the EU. Thereby, in future articles you can proudly refer to the continent you saved.
Just in case anyone wonders how the leftists/Marxists/Democrats plan to "solve" the various monetary crises (once the Keynesian miracles fail, as they inevitably fail) Mister Krugman kindly spells it out.
I say let it happen. The sooner, the better.
If they don't quit spending money they don't have, just as the Obama administration insists upon doing so here in the US, a collapse of the entire world economy will occur.
The socialist will then open the door for a worldwide dictatorship of the intelligentsia, and the total loss of any shred of freedom for individuals.
Truly we will be faced with a moneyless economic system, with each man marked in such a way that they will not be able to buy or sell without the mark. No one can rob or steal, because there will be nothing to rob except physical items themselves. The mark will identify them as the thief.
No, he wants an alien invasion
If he thinks he can convince NBC that he got the second part of that quote from the same Economist article, he should apply for the job recently vacated by the guy who did the George Zimmerman edit.
Someone has been playing with graphs/equations again...
Ah, here we go -- from another article entirely:
Mr Hollande himself genuinely believes in the need to create a fairer society through tax policy.
*psssst* *Hey Krugman* That sentence means "he's a socialist down to his core -- not that he believes in the political equality of men. Quelle coïncidence that you cut the quote right there, huh?
Hey, don’t look at me!
I find both the Slimes and Krugman to be revolting.
Of course, allowing the US to follow the same trajectory is the height of irresponsibility as a collapse here would cause irreparable damage to the economy on a global scale- taking a lot of innocents down with it.
But France, Greece? I say, let the games begin.