Obama wants Europe to “ease up” on the austerity measures it’s imposed (sort of imposed) on Greece and other spendthrift countries. Don’t let them go into default now, when it could (indeed surely would) have serious consequences for the world economy, but wait until, say, the middle of November 2012 when Obama will be home free or (as I think) out on his ear.
I find the spectacle of an economic incompetent like Barack Obama lecturing anyone on what they should do to mend the economy faintly ludicrous. But to complete the comedy, I do have a modest proposal. Why don’t all these anti-austerity campaigners put their money where orifice is? Obama wants Europe to shovel some more money to Greece, Spain, et al. in order to “stimulate” their economies (and forestall yet more economic embarrassment before the U.S. election).
OK, fine. Why doesn’t he set an example and invest some yet-to-be-determined billions of dollars from the union pension funds in (for example) Greek bonds? Why doesn’t Paul Krugman, who is always wanting the our government to confiscate more of your money to spend on stuff, allocate, say, 50 percent of his retirement fund to Greek bonds? The New York Times should follow suit, as should other individuals and entities who have been loudly demanding we spend more to “stimulate” our way out of debt. Just a thought . . .