Germans tend to think of running deficits as being morally wrong, while balancing budgets is considered virtuous, never mind the circumstances or economic logic. “The last few hours were a singular show of strength,” declared Angela Merkel, the German chancellor, after a special cabinet meeting agreed on the austerity plan. And showing strength — or what is perceived as strength — is what it’s all about.
There will, of course, be a price for this posturing. Only part of that price will fall on Germany: German austerity will worsen the crisis in the euro area, making it that much harder for Spain and other troubled economies to recover. Europe’s troubles are also leading to a weak euro, which perversely helps German manufacturing, but also exports the consequences of German austerity to the rest of the world, including the United States.
But German politicians seem determined to prove their strength by imposing suffering — and politicians around the world are following their lead.
How bad will it be? Will it really be 1937 all over again? I don’t know. What I do know is that economic policy around the world has taken a major wrong turn, and that the odds of a prolonged slump are rising by the day.
(in New York Times 17/6)
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Este artigo é absolutamente verdadeiro, mas só conta uma parte da verdade, substancial, sem dúvida, mas parcelar Não se pode apontar a Alemanha como "the sole culprit", existem também os "suspeitos do costume" e em vez de se atirarem aos PIGS com ganas de um dia os comerem em churrasco, porque não vêem a situação financeira do RU, da França ou da Itália? Olhem que os números não mentem. Se estamos à beira do abismo, deixem de olhar para o Parténon ou para a Torre de Belém. Além disso a quem cabe as culpas pelo desregramento financeiro mundial? E qual o papel dos EUA no meio de tudo isto? Perguntas sem resposta.
ReplyDeleteErnesto A. Costa (erafco2003@yahoo.com)