Običajno je opozarjati na članke, ki ji je vredno opaziti zaradi dodane vrednosti. Tokrat bo drugače, saj je Daniel Gros (Center for European Policy Studies, eks-ekonomski svetovalec Evropske komisije) postavil nov poden pri tem, kaj je mogoče pri Very Serious People (tm Krugman) prodati kot resno polit-ekonomsko flancarijo. Voilà, zapis, ki mi je danes vzel sapo:
Zakaj si to sranje sploh zasluži omembo? Ker je včasih dobro opomniti, da neumnosti nismo patentirali v Sloveniji. Da pristna zabitost pravkar šofira usodo 500 milijonov Evropejcev.
Ker sem len, kopiram komentarje, ki pribijejo žebljico na glavico:
This is a deeply flawed analysis that doesnt belong on the otherwise excellent project-syndicate website.
Austerity can be self-defeating if it inflicts medium/long-run damage to the countrys economy and productive capacity. Austerity has meant for the likes of Spain and Greece, a talent drain out of the country, the dismantling of public institutions and the breakdown of communities that will have long lasting effects. Although, as you correctly say a collapse in imports will mean a short-term improvement in the external debt position it comes at a great cost that will have long-term repercussions.
Furthermore, the predominant factor that led to lower yields on periphery countries debt was the LTRO operation not the current accounts of those countries.
OTOH the reduction in current account deficits wasn’t achieved through higher competitiveness, or through higher consumption from core European countries: it was achieved by “starving” (without quotes in some cases) in periphery countries. I wouldn’t call that progress exactly.
The massive suffering imposed by the policymakers on the population of the PIIGS with mass-unemployment, falling GDP, negative debt-dynamics, bankruptcies, etc. is really a crime against humanity. Of course the current account will turn positive when aggregate demand is deficient enough. This it not something to be happy about, but to deplore.