The End of the European Dream | 276 comments (274 topical, 2 editorial, 0 hidden)

Re: I'm enormously dubious of this report (none / 1)

The argument was that he was defending a policy that bondholders are always repaid. Other policy considerations (such as not pissing off the autoworkers) may trump that policy - Geithner is hardly dictator of the US, and even banksters lose upon occasion.

And Ireland is not comparable to the automakers. A better point of comparison would be the foreclosure racket in Florida - something there has been no serious federal effort to stop, despite the fact that it's probably the most blatant violation of basic due process protection that has happened to Florida's citizens since they stopped lynching black people.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon May 9th, 2011 at 07:26:34 AM EST
[ Parent ]

Re: I'm enormously dubious of this report (4.00 / 2)

It's clearly not a policy. I certainly don't put it past the US government, but it seems awfully convenient for UK//Germany/Ireland to be able to blame the US. And it's odd to claim that one member of IMF can reverse IMF policy and all of a sudden the EU is following IMF directions.

by rootless2 on Mon May 9th, 2011 at 08:06:50 AM EST
[ Parent ]

Re: I'm enormously dubious of this report (4.00 / 3)

That was my hypothesis about IMF involvement. Bringing in the IMF allows them the option of hiding behind Uncle Sam's pantleg.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Mon May 9th, 2011 at 08:26:54 AM EST
[ Parent ]

Re: I'm enormously dubious of this report (4.00 / 3)

But Morgan Kelly's argument is that the IMF was a good deal more realistic and sympathetic to Ireland's case than the ECB and that the subsequent deal was almost as much an embarrassment to the IMF as the ECB. If we have to identify a bad guy here, it is the unidimensional mandate and determination of the ECB to protect bondholders at all costs and put price stability above employment or structural balance within the EDurozone.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon May 9th, 2011 at 03:43:20 PM EST
[ Parent ]

Re: I'm enormously dubious of this report (4.00 / 2)

That's my recollection and my view, too, because it seemed obvious that the moment things went to shit in Greece/Ireland/wherever -- as we all said they would -- the anti-IMF chants would start and many would immediately fall for it.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Mon May 9th, 2011 at 05:19:46 PM EST
[ Parent ]

Re: I'm enormously dubious of this report (none / 0)

I don't think you and rootless2 agree on the extent of US influence on the IMF.

by afew (afew(a in a circle)eurotrib_dot_com) on Mon May 9th, 2011 at 04:06:34 PM EST
[ Parent ]

Re: I'm enormously dubious of this report (4.00 / 2)

I've no idea, but I don't think it matters much. The plans for Greece and Ireland was laid out broadly before the IMF got involved. In fact, I seem to recall Colman posting something about the IMF saying that completely destroying Greece and Ireland probably wasn't a terribly awesome idea, to which I responded with something to the effect of "When the IMF is the sane one in the room, you know things are fucked up" or something.

The fact that we're even having this conversation is exactly why I didn't want the IMF involved.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Mon May 9th, 2011 at 05:12:24 PM EST
[ Parent ]

Re: I'm enormously dubious of this report (4.00 / 4)

rootless2:

And it's odd to claim that one member of IMF

Not really, when it is the member that

a) has the single largest share of the votes
b) runs an world-dominating empire

Not that this proves anything about what happened, just showing that if the US says jump and the IMF board of governors asks how high, then nobody should be surprised.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Mon May 9th, 2011 at 04:14:05 PM EST
[ Parent ]

The End of the European Dream | 276 comments (274 topical, 2 editorial, 0 hidden)

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