Thanks for visiting this blog, created in July 2012 out of great concern for the fate of the €uro currency area, once again on the verge of collapse due to the economically ill-advised and heartless austerity policies imposed on Greece, Spain and other heavily-indebted €uro area countries by a christian democratic German chancellor impressed with the budgeting skills of Schwabian housewives. Meant to reduce the public debt and put the countries back on a path to economic growth, these macro-economically idiotic policies are doing anything but cause "pointless misery" as Paul Krugman so aptly describes it (Bloomberg, July 23-29, 2012).

Instead of reducing public debt, the austerity measures set in motion a vicious cycle of economic contraction, rising unemployment and poverty, lower tax revenues, private capital flight, and rising public debt shares as the economy declines faster than the public debt. What’s more, the austerity-driven ‘blood, sweat and tears’ policies recommended to the European periphery derive from the same economic doctrine that brought us to the brink of disaster in 2008. These policies are not only misanthropic and counterproductive to economic growth and debt reduction in Europe, but will prove explosive for the €uro currency area unless a drastic change of course takes place - and soon.

While I do not pretend to have ‘the’ solution for the €uro crisis, I would like to offer alternative economic perspectives and views on current events, and hope to chart a more humane path toward a balanced, socially fair, and sustainable economic future for the €uro area.

On the origins of the 2008 Great Financial Crisis:
90+% of traders are men, and they bet all of our bank deposits on liar loans which froze credit leading to 40% average losses passed on to ordinary taxpayers; then begged for trillion-dollar bailouts upon which they paid themselves 50% higher boni.”


Thursday, October 11, 2012

It was about time you visited Greece, Ms. Merkel


Finally, after years of suffering from your moronic Schwabian housewife policies of saving, scraping, and saving some more on the back of the poor to pay back the debt accumulated by a corrupt elite, finally you condescend to visiting Greece. Of course, not to meet the regular folks to learn how your policies affect them or to see for yourself the economic pain you caused them. No, you prefer to meet with the elite, safely cordoned off from the rif-raf.  And then, in safe distance from the people whose lives you wrecked, you have the nerve to say that more efforts are needed to attain success in Greece. Not one word of apology, empathy or true compassion !

Ms. Merkel, as a German citizen, I really feel ashamed that you represent my country and would like to apologize to the Greek people on your behalf:

"Please forgive Ms. Merkel and the current German government for imposing such heartless and needless austerity measures that cause you to lose your jobs or your homes so that some of you even have to go hungry or choose between a warm meal or life-saving medication - all this, in the middle of wealthy Europe ! After the horrors and economic hardships the Nazis brought to you during the second world war, I and many of my German compatriots understand the hatred you feel toward Ms. Merkel and Germany. Let me assure you that we will do everything to stop the austerity measures imposed on the weakest members of your society and make sure that this heartless woman who calls herself chancellor of Germany will be fired from her job."


For you, Ms. Merkel, your heartless treatment of the Greek people and other Southern Europeans is likely to be the watershed moment for your chancellorship, just like hurricane Katrina was for your friend George W. Bush. Until this summer I had given you a break, thinking you were just badly advized by the boneheads surrounding you. But you must have seen the disturbing images and reports coming out of Greece, e.g. of increasing suicides of retired people, young people, even kids. Unless you lived on another planet, it was impossible to escape the reports of a 73-year old man who shot himself in the middle of Athens because he was unable to pay his debt. Or the heartbreaking photo of an elderly woman lining up for donations of food !

Still, you continued to publicly insist that Greece had to implement all the agreed austerity measures, or else there would be no more assistance ! These austerity measures (as reported in my post "Don't Shock the Countries, Shock the Banksters", - case study Greece) include further cuts in pensions and wages as well as cut-backs in desperately needed public services. That was the moment you lost my support. I wonder: what did you learn about christianity when you grew up as the daugther of an evangelical priest ?  Did you learn that, when a man is down on the ground, it's best to kick him again to make sure he gets the message ?


This is no way to act as the leader of the eurozone, especially if this leader happens to be German. Never again do I want Germans to be known for their inhumanity and brutality toward anybody who is not as perfect as Germans think they are. Therefore, Ms. Merkel, YOU HAVE TO GO !!! 

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