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They are accepting these under terms that stifle the respective economies, especially if you are not very high up in the ladder. They are buying up bad debt to protect private bankers from a EU periphery default, and at the same time imposing (and that is exactly the word, they are actively taking part in these discussions in Greece) a neoliberal agenda that destroys among other things labor rights, collective bargaining and any vestiges of a social state - this is a politically unaccountable yet activist ECB. And if you look at the Merkel / Sarkozy "competitiveness agenda", which is about to be rammed down the throats of pretty much every one in the EU, it turns out that this was a part of a very aggressive Shock Therapy strategy.

This is most definitely not what a Central Bank should be doing. The ECB is acting literally as an enemy of the people. Of all countries.

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Sat Feb 5th, 2011 at 06:13:22 AM EST
[ Parent ]
What neoliberal agenda?

 Look, I am hardly a expert on Irish politics. But as far as I know every Irish government and party since twenty years has happily pursued a neoliberal agenda: Fianna Fail and the Greens, Fianna Fail and the Progressive Democrats, Fine Gael and Labour, Fianna Fail and Labour.

And now you want blame "Europe"? Mighty convenient.

by IM on Sat Feb 5th, 2011 at 06:43:09 AM EST
[ Parent ]
What was, pales in comparison to what is coming. I mean Ireland had collective bargaining? Public schools? I'm not sure these are part of any plan for the future that the EU elites have in mind.
And I see this as an opportunity to get the Irish (and European) people to reject neolib policies once and for all versus the opportunity for the elites to completely destroy any vestiges of a social state anywhere in Europe. You somehow see the crisis as some sort of game of moral rewards and punishments. However this is about how the future EU will be structured, on whether, say, the ECB will become a democratically accountable institution and not a clearing house for banker domination in the European economy.

If one thinks that ECB/IMF austerity should be rejected on principle in this case, then I don't see how else Ireland can help this cause other than by doing something like what Jake is saying.

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Sat Feb 5th, 2011 at 06:53:13 AM EST
[ Parent ]
"Europe" is not to blame for causing the Irish crisis, but they are to blame for having completely botched their policy reaction to the sovereign debt crises of 2010. And for writing neoliberal (well, not even neoliberal, actually Austrian) economics into the EU constituent treaties.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Sat Feb 5th, 2011 at 10:07:23 AM EST
[ Parent ]
As I've said before, for economic purposes, the upper levels of the banking sector in Europe and elsewhere tends to act as a quasi-independent nation state.

It's not so much about "Europe", but about European elements in international banking sector joining in with the collective financial nervous breakdown, and demanding that Europe's real economies should pay to clean up the vomit and replace the carpets and the furniture.

The only possible mature and democratic response to this is "no."

by ThatBritGuy (thatbritguy (at) googlemail.com) on Sat Feb 5th, 2011 at 10:15:49 AM EST
[ Parent ]
What neoliberal agenda?

Why, Merkel's so-called "competitiveness pact".

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Sun Feb 6th, 2011 at 03:39:10 PM EST
[ Parent ]

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