2013-07-23

Beveik euro optimistas Mark Blyth

Optimistai galvoja, kad jeigu žiaurosistema taptų netvari, elektoriatas ką nors nubalsuotų geriau. Miela iliuzija
Is it the notion of the “new normal” which retains the politicians and mainstream economist to realize that austerity has failed?
If the “new normal” is a permanent unemployment rate of 20 percent and the constant destruction of productive capacity, then the new normal will not be normal very long. At the end of the day you can’t run a gold standard type if monetary regime, which is what the Euro is in that no one can create the currency that they use and so deprived of inflation and devaluation as options the adjustment to shocks occurs entirely through wages and prices, in a democracy. Eventually someone will vote against it, and at that point the entire project can unravel. 
Nereikėtų turėti iliuzijų dėl tų demokratijų. Bet respect' Mark'ui už idealizmą.