Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
SuperFritz seems to be super neocon. He sees the need to "reform" but never the need to genuinely invest in the periphery (other, perhaps, than to engage in vendor financing schemes and then try to grab local assets when the loans go sour.) He either fails or refuses to comprehend that in order for Germany to have a surplus someone else has to have a deficit. Nor would he see that having German banks make loans to kleptocrats while expecting the middle class and those below to pay back the misspent proceeds of that loan is problematic. A very convenient morality and economics.

Had Germany pursued a policy of avoiding loans and forgoing sales to Eurozone deficit countries they would not have the problems. But the ability to squeeze EZ trade partners once they had no ability to depreciate their currency was a prime factor in Germany's willingness to join the EZ. Competitiveness is not a matter of physical or social infrastructure or business capital assets, you see, it is having the right morality - living to work instead of working to live and being a docile and even eager cog in a machine run for the benefit of a few, while, of course, suppressing any thought of their activity benefiting disproportionately a very few.  

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Dec 9th, 2011 at 11:57:43 PM EST
[ Parent ]
Curiously nobody (AFAIK) is making the point in a fer-real, instead of a pseudo, Common Currency whether Greece is in a current account deficit to other members of the eurozone matters not a whit.  Alabama is in "deficit" wrt California and nobody is fretting the US dollar is about to go bust.  If the eurozone would get themselves a real Central Bank, instead of a pretend CB staffed with loonies, the problems could be alleviated.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sat Dec 10th, 2011 at 12:18:32 AM EST
[ Parent ]
But then Germany would feel compelled to leave. Instead of that being a good thing for the other members, as it could be, the existing pretend leaders would, instead, devote all efforts and policies to attempting to entice Germany back into the union.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Dec 10th, 2011 at 12:58:41 AM EST
[ Parent ]


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