In a few weeks time, Greece will again have a general election, and it is possible this will be (another) defining moment in her life. History, so it is said, repeats itself. For the sake of Europe, I hope this is not true. There are a variety of similarities between USA in 1894 and Europe 2012 – no growth, mass unemployment and growing dissatisfaction.
Fast-forward to 2012: this is the third, fourth or fifth year (depending when you count from) that Europe has experienced similar. The theme is the same despite all the “best efforts” (?) of the bureaucrats! Can I see similar events unfolding? That depends; as I write this towards the end of May 2012 I have to say “maybe”; many of the bureaucrats have now come to realise that “austerity for the masses” doesn’t work – you can only squeeze so much juice out of an orange – consider Greece, Spain, Portugal and Ireland and you can see the effects. Even the President of the ECB (European Central Bank) has finally acknowledged this.
I don’t have a definitive answer but I can say that I fervently hope we do not see a repeat. A new paradigm IS a prerequisite – one that focuses on growth, greater free trade and less “meddling” from bureaucrats. Their job is to provide a framework; they are NOT needed to tie us up with mind-bendingly stupid minutiae, but should allow us greater freedom to go about our lawful business.
Until next time (and fighting red tape),
Peripatetic Scribe
Most unusual, P.S. but a very nice way of attracting attention to a situation that is growing rapidly worse. Many times the lack of leadership in "high" places has been mentioned in your blog and the useful comments made on it. I see now that Europe is possibly the key to whether we have more global prosperity or the economy (globally) falls apart. I hope with all my heart the world will overcome its problem(s) - not so much for myself, but what we will leave to our children. My thanks.
ReplyDeleteAnonymous from Canada. What you say is very valid. We need European "leaders" to stop kicking the can into the future and actually DO something that moves the whole continent out of miserable growth. The new French President seems on the surface to have sound ideas; I wish him "bonne chance" - he will need it to overcome Frau Merkel (who seems to becoming alienated from reality)....
ReplyDeleteHi Anonymous in NZ and thanks for your comment. You make a very valid point about what kind of world we should/will leave to the next generation. I firmly believe we have to work towards the conclusion of the Doha round of global trade talks as a start. The problem is one of too many cliques with their own hidden agendas. We also need an accountable bureaucracy.
ReplyDeleteThank you Anonymous in Canada. M. Hollande is "rocking the boat" and I believe he will find sympathy with many European leaders. OK some of his views are a little "strange" but I am with him on the need for growth (not the Financial Transaction Tax which I think will cause more problems). Regarding Ms. Merkel, I think you have to remember her background (East Germany) in order to understand that she probably has the best interests of her country at heart.
ReplyDeleteAnonymous in Canada... check this link to see how Germans regard Ms. Merkel. It's quite a surprise!
ReplyDeletehttp://www.spiegel.de/international/germany/german-chancellor-merkel-under-pressure-at-home-and-abroad-a-834450.html
An extremely interesting blog post, P.S.! I remember you wrote about the necessity of the shift of focus from austerity to growth a long time ago, before it was talked so much about in the media. As many philosophers state: positive thinking attracts positive events, negative thoughts attract the negative. Yet, the leaders have taken their own path and achieved disastrous results. I believe not many people are aware of the similarities between the two situations you mentioned and I do wish again your blog was read and discussed globally. Thank you.
ReplyDeleteLucana