Europe’s Irrelevant Austerity Debate
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:
Europe’s Irrelevant Austerity Debate
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.
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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.
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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.

