So George Osborne wants to blame the Eurocrisis for problems in the UK? He's got to be kidding.
Way back in May 2010 (it seems so long ago) the newly elected George set out on a mission to the EU to persuade them that Gordon Brown had been wrong and that stimulus had to be stopped; austerity was the way forward. He found an audience - headed by Germany - willing to follow this new lead.
And now it's rocking Europe to its core.
Just as it's doing the same in the UK.
But Osborne can't now blame Europe for giving us a crisis because they have reasonable grounds for claiming he helped create the programmes that are destroying hope, employment and the chance to repay debt across the whole continent. So if anything, the blame is his to take, not to give.
Not that George - dedicated to his new Apps - iLied and iForgot - will ever acknowledge the fact.
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The idea that George Osborne, a posh Tory who most Europeans woudl associate with the “Anglo-Saxon model”, has any influence on his European counterparts is absurd.
The fact is that this recession is not a new recession but a continuation of the old one. You cannot separate them. This euro crisis that is currently unfolding is a result of a banking crisis and structural imbalances with the eurozine that went unchecked from the decade following the late 1990s. Chickens are now coming home to roost. It has nothing to do with Osborne and everything to do with the complete failure, as both a political and economic concept, of the single currency.
Well, you’re allowed your opinion
And no one is saying events now aren’t linked to the euro
But to deny the role of austerity in tackling it is bizarre
To be fair a lot of the right wing Governments in Europe were already supportive of austerity. I doubt Osborne made a great deal of difference to them. All the same it is rather rich for Osborne to blame anything on Europe given that they are pursuing exactly the policies that he claims are needed here.
He tipped the balance – of that I have little doubt
Until May 2010 the world was Keynesian in its reaction to 2008
Then it moved to austerity
It may not have much to do with him and more to do with numbers, but it still changed
Keynesian is great until the money runs out……………….
You give George Osborne too much credit. Career politician like most of Parliament
with no real life work experience – guilty. As much use as the Trade Union leadership
and Academia . Too many non productive drones in the UK.
Hmm, I had better start work now.
You don’t understand money, do you?
It never runs out
Never runs out.
You’re right, it runs around in circles !
An interesting article in zerohedge today…..
“Conclusion–this is what to do:
Reenact the Glass-Steagall Act. Allowing investment banks to speculate with savers’ money is criminal.
The daisy-chained, unregulated $707 trillion dollar OTC Derivatives market will bring down the world economy, when it goes bust. JP Morgan’s recent huge OTC Derivative trading losses are a prelude to this eventuality, with many more instances to come. Start unwinding the OTC Derivatives market now, before it is too late.
Insolvent banks are a drain on the “real economy.” Force insolvent banks to go bankrupt. TBTF is an irrational policy. Allow capitalism to work for the 1%.
Public and private debt to GDP is about 360%, and 30% of Americans are being hounded by bill collectors for unpaid debts. Americans can no longer service their massive debt loads. Allow debt forgiveness for the 99% and institute austerity for the 1%–they can afford it.
ZIRP is destroying capital formation and savers. Allow interest rates to rise, which will increase consumer demand. The Fed’s manipulation of capital markets causes malinvestment–resulting in crippling long-term penalties for the “real economy.”
http://www.zerohedge.com/news/guest-post-everything-you-know-about-markets-wrong