Thursday, Dec 11, 2008
Sounds like good sense
Times: Germany attacks 'depressing' UK economic rescue
Mr Steinbruck appealed for calm, warnging that there was no silver bullet for the downturn: "It is the yearning for the Great Rescue Plan. It doesn't exist. It doesn't exist! Dealing with an unprecedented crisis is a puzzle, a trial-and-error. Honestly, I don't know.
Good article, I think this is crunch time and Germany is under pressure to prevent the Euro experiment from coming apart and rescue the Southern States, eg. Greece, Italy, Spain.
Posted by andrew @ 09:18 AM (597 views) Add Comment
8 Comments
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1. alan said...
Stienbrueck said "The speed at which proposals are put together under pressure that don't even pass an economic test is breathtaking and depressing," he said in the interview, published on the newsweek magazine's website on Wednesday.
"The switch from decades of supply-side politics all the way to a crass Keynesianism is breathtaking," he said.
Reuters carry a good supporting article and video, but as this item has already been posted twice today, I won't add to the list.
When Stienbrueck and Jeremy Clarkson seem to be saying similar things, it's time to wake up and smell the coffee, Gordon!
2. Amos said...
In a year the other ec countries will start splitting from the euro if they refuse to join in with the great stimulation.
Countries might also be tempted to block german imports.
3. shipbuilder said...
I distinctly remember a number of posters here haranguing the socialist Germans a while back, arguing that their burden of social policy would destroy them. Now they are beacons of right-wing economic prudence and we’ve been destroyed by the ‘loony left’.
Perhaps a timely reminder that socialism does not automatically equate with Keynsian interventionism or New Labour.
We are screwed in this country because our two main parties are neither left nor right, but in thrall to deregulated crony capitalism.
The difference between new and old Labour is that new Labour thought that ignoring small business and manufacturing and promoting a corporate, deregulated global finance and service industry would provide via tax the money to spend that a regulated and nationalised manufacturing industry didn’t. The money for public services was spent on private consultants and contractors.
The Conservative option was/is ignoring small business and manufacturing and promoting a corporate, deregulated global finance and service industry with spending slashed. There was no money for public services.
The Germans, Swedes, French and others have essentially maintained the same approach of regulated industry and a generous social system for the last few decades, while we (and the US) laughed at their quaint ways, telling them to ‘modernise’ and get with the new paradigm of wage slavery and unlimited wealth through ever-increasing house prices. The French even elected a Blair clone.
So who’s laughing now?
4. matt_the_hat said...
'Just because all the lemmings have chosen the same path' - Germanys finance minister
5. baroo said...
shipbuilder, you may already be aware of this as it's been around a while:
http://www.politicalcompass.org/
Just thought I would bring it to your attention in relation to your comments on left and right. I agree that it is to narrow a spectrum for a decent assessment of people's political standing.
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