Thursday, November 10, 2011
Crisis explained in plain English
We all thought that it was going to be Spain that would go this way next but no, Italy it is. Waffling about on the subject of austerity, of working back into competitiveness, this doesn't work because it won't work quickly enough. It would take years to rebalance the economy, years of job losses and riots and protests. So, what can we do? The one thing that would work and would work fast (within a week if it was actually done), the ECB printing money and buying bonds, is illegal under the treaties. I'm afraid we're all stuffed [unless the ECB pulls its finger out].