May 26, 2012
Seems like the way to go is to have the ECB push the very easy money policies, printing more Euros; but also change the rules where creditors are put on notice if you borrow to a European Union country, you are totally at risk at default and not other European countries. Then too deregulating labor markets and rolling back other regulations could also provide a new economic tonic for the European Union.
Much the same solution as adopted in the U.S, Japan and now even China. Globalization has unleashed a drop in labor compensation while at the same time boosting a glut of international savings. Adapt is the rule of the day. Capitalism isn’t perfect by a long ways but it’s the best economic structure available. It creates a lot more material wealth and well being than available from the command and control systems, but to get to this happier state, you go through periods of rationalization like currently.
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