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"The German position" on the creditor bailout does not enjoy widespread support. Germany is unique in the insistence and vehemence of their IMF-style conditionalities.

Everybody else I've seen voice an opinion is either of the opinion that the creditors should go whistle for their money, or that the creditors should be bailed out as smoothly as possible. German insistence on conditionalities even the IMF can tell are impossible to meet (and would be insane even if they were possible) is Unhelpful in the latter regard. So is the German deference to Bild Zeitung on matters of foreign policy.

And then, of course, there's the people who actually understand basic national accounting, who insist that the only viable solutions are to either force the ECB to monetise the debt, default and force the ECB to monetise all new debt going forward, or impose export controls. But we are Unserious.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Jun 3rd, 2011 at 05:57:36 AM EST
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