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  1. how some banks and funds have apparently specifically bet on Greek debt (through CDSs) and have a vested interest in things happening with that debt (altough what exactly is not necessarily clear);

  2. how financial players that we bailed out (analysts in investment banks), or that caused the earlier crisis by their incompetence (ratign agencies) are allowed to lead the narrative on economic policies today;

  3. how everybody accepts as a fact that Greece defaulting would cause a crisis for the euro. Why should Greece defaulting be embarrassing for Germany? (see point 2) above again);

  4. how the economic debate on recovery (not really happening yet as jobs are still being lost) has been hijacked by the debate on public debt and deficits;

  5. how somehow the only way to cut debt and deficits is to cut social services or spending, and not to increase taxes or change economic policies.

It's a full scale exemple of the Anglo Disease. It's a contagion of the minds.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Thu Feb 11th, 2010 at 08:04:50 AM EST

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