Paying the Price For Keynesian Quackery
David P. "Spengler" Goldman today in a must-read post on the European economic collapse:
The Obama administration, George Soros, the International Monetary Fund, and liberal opinion in general believe that no crisis should be wasted: an enlightened supranational bureaucracy should emerge as the ruler of Europe.
I find this repulsive for the most elemental of reasons: the further that government is removed from the electorate, the more prone it is to abuse. The Brussels bureaucracy is responsible for the catastrophe in the first place, and one doesn't normally give the gasoline monopoly to a bunch of arsonists.
As an old investment banker, though, I think that consolidating all the European scams into supranational entities will fail disastrously. The lifeboat itself will sink under the weight. Some of the scams are simply too outrageous to be rescued. The same Keynesian quackery that has kept the US in recession for the past four years festers among the Eurocrats.
image element courtesy shutterstock/Daniel Alvarez