Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Uhm, you have around 20 % unemployment at the moment if you count it the same way Europe does...

And you have no serious countercyclical fiscal policy in sight.

Breaking the banks might have gotten your unemployment up to 25 or 30 % for a year or two, but on the other hand you would have destroyed a significant part of the obstructionist opposition to the policies that could cut years off the depression.

Whether ten years at 20 % is preferable to one or two years at 30 % is, I suppose, a matter of taste...

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Dec 20th, 2009 at 02:49:34 PM EST
[ Parent ]

Others have rated this comment as follows:


Top Diaries

Occasional Series