{"id":5500,"date":"2015-02-10T06:35:53","date_gmt":"2015-02-10T11:35:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5500"},"modified":"2015-02-10T06:35:53","modified_gmt":"2015-02-10T11:35:53","slug":"europes-greek-showdown-the-sum-of-all-statist-errors","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5500","title":{"rendered":"Europe\u2019s Greek Showdown: The Sum Of All Statist Errors"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/europes-greek-showdown-the-sum-of-all-statist-errors\/\" target=\"_blank\">Europe\u2019s Greek Showdown: The Sum Of All Statist Errors<\/a><\/h3>\n<p>The politicians of Europe are plunging into a form of\u00a0ideological fratricide as they\u00a0battle over Greece. And \u201cfratricide\u201d is precisely the right descriptor because in this battle there are no white hats or black hits\u2014-just statists.<\/p>\n<p>Accordingly, all the combatants\u2014the German, Greek and other\u00a0national politicians\u00a0and the apparatchiks of Brussels and Frankfurt\u2014- are fundamentally on the wrong path, albeit\u00a0for different reasons.\u00a0<em><strong>Yet by collectively\u00a0indulging in\u00a0the sum of all statist errors they may ultimately do a service. Namely, discredit and destroy\u00a0the whole bailout state and central bank driven financialization model that threatens political democracy and capitalist prosperity in Europe\u2014\u2014and the rest of the world, too.<\/strong><\/em><\/p>\n<p>The most difficult case is that of\u00a0the German fiscal disciplinarians. Praise be to Angela Merkel and her resolute opposition to Keynesian fiscal profligacy\u00a0and her\u00a0stiff-lipped\u00a0resistance to the relentless demands for\u00a0\u201cmore stimulus\u201d\u00a0\u00a0 from the likes Summers, Geithner, Lew, the IMF and the pundits of the FT, among countless\u00a0others. At least the Germans recognize that if the EU nations are\u00a0going\u00a0devote 49% of GDP to state spending, including nearly a quarter of national income to social transfers, as was the case in 2014, then they bloody well can\u2019t borrow it.<\/p>\n<p>Notwithstanding the alleged German led austerity regime, however, that\u2019s exactly what they are doing. Germany has managed to swim against the\u00a0surging tide of EU\u00a0public\u00a0debt, lowering its\u00a0leverage ratio\u00a0from 80% to 76% of GDP in the last four years. Yet\u00a0the overall debt ratio for the EU-19\u00a0has continued to soar\u2014meaning that the\u00a0rest of the EU drifts ever closer to fiscal disaster.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Europe\u2019s Greek Showdown: The Sum Of All Statist Errors The politicians of Europe are plunging into a form of\u00a0ideological fratricide as they\u00a0battle over Greece. And \u201cfratricide\u201d is precisely the right descriptor because in this battle there are no white hats or black hits\u2014-just statists. Accordingly, all the combatants\u2014the German, Greek and other\u00a0national politicians\u00a0and the apparatchiks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[95,279,281,284,353,359,1167,3195,3394],"class_list":["post-5500","post","type-post","status-publish","format-standard","hentry","category-economics","tag-brussels","tag-eu","tag-europe","tag-european-union","tag-gdp","tag-germany","tag-greece","tag-internationalists","tag-statists"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5500"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5500\/revisions"}],"predecessor-version":[{"id":5501,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5500\/revisions\/5501"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}