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By Lorenzo Bini Smaghi (member of the Executive Board of the European Central Bank)

We're doomed.

Oh, and Godwin, Godwin indeed:

Migeru:

FT.com: Europe cannot default its way back to health by Lorenzo Bini Smaghi
Europeans have not forgotten the devastating effects that the expropriation of wealth, such as that carried out during the two world wars by way of inflation or defaults, may have on the economic and social fabric. There is awareness that, in the end, it may be less costly to tackle excessive public debt with the traditional remedies - that is, achieving an adequate level of primary surplus - rather than looking for quick fixes. There is also awareness that, without restoring economic growth, the debt burden cannot be reduced over time. This requires major structural reforms aimed at improving the functioning of the labour, capital and goods markets.

...

To understand what is happening in Europe, economics textbooks are useful but the history ones even more so.

The writer is a member of the Executive Board of the European Central Bank

(h/t Eurointelligence)
Apparently according to this guy the "devastation of the economic and social fabric of Europe" during the two world wars is associated by "Europeans" with "expropiation through inflation and default".


Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Jun 13th, 2011 at 08:53:37 AM EST
[ Parent ]
afew:
Bini Smaghi:
a breakdown of the financial, economic, and social structure of our societies.
No less. So that is what our wise rulers are all so afraid of.

In order to avoid this

Bini Smaghi:

major structural reforms
of the "financial, economic, and social structure of our societies" are of course necessary.

So it would appear everything is going to be restructured anyway. Just depends in whose favour.



Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Jun 13th, 2011 at 09:02:19 AM EST
[ Parent ]
Must... invade... Poland...

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Thu Jun 16th, 2011 at 11:55:41 AM EST
[ Parent ]
But they have to print money first!

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Jun 16th, 2011 at 12:40:39 PM EST
[ Parent ]

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