Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
But I don't want central banks to recommend structural adjustment programmes and fiscal austerity. That's none of their business. They're there to kill insolvent banks and print money for the government. That's all I want them to do. The fact that the ECB is the entity with the greatest influence on federal-level EU macroeconomic planning is a disgrace and a perversion of the proper way to run an industrial state.

The IMF is a different sort of story - they should be doing macro, and they should be doing it right. (But they should never have been involved in an internal €-zone crisis in the first place...)

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Dec 4th, 2010 at 01:32:45 PM EST
[ Parent ]
And I wholly agree with this. We need a reassertion of the political in political economy. But, given the existing presumptions, economics has to be governed entirely by its own internal rules -- no matter that this is bunk, has never an will never really work -- at least for the good of the overall society. Supposedly autonomous economics HAS been a very effective smoke screen for the looting of societies, however.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Dec 4th, 2010 at 05:06:32 PM EST
[ Parent ]


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