On both sides of the pond technocrats are in a tizzy and flirting with another great depression.
On the old world side of the pond it was decided to create the Euro without the federalized government to back it up, basically this grand design removed control of disparate economies from the people and handed authority to the bankers. All well an fine when the economy is booming damn near disastrous when it is not. The banking crisis exposed this absurdity for all too see, it also exposed the fundamental weakness of Brussels. The Eurozone was designed for commerce and as a free trade zone, and it sort of worked; but as a technocratic institution of economic governance it's now a flailing monolith.
On the new World side of the pond with its strong centralized government which repudiated any responsibility in fiscal oversight and let the bankers run wild. A government that when the economy was booming steadfastly gave away the wealth of the nation's wealth in the form of senseless wars combined with tax cuts. When the banks wobbled and would have fallen without taking away money from the poorest to shore them up; the technocrats are left flailing in the breeze.
On both sides of the pond the determination of technocrats of all political stripes is the same, austerity must rule the day. However the groups that can afford austerity are not being asked to contribute. The elite, bankers and their corporations for the time being are having a field day, and are buying gold for when the party is over. The result of all this pillage on both sides of the pond is that millions are unemployed and millions more are on the brink of economic collapse.
One has to admire this blinkered statement by Geithner:
Tim Geithner, urged European policymakers to do more to prevent the contagion spreading. "What Europe obviously needs to do is to act more forcefully to contain the risk of an escalating crisis in Europe," Geithner told CNBC television. "They have the capacity to manage this in a way that does not add to the broader burdens of the global economy."
One could say the same thing about the US from this side of the pond "how is that crazy debate about the debt ceiling going on?"
The common theme devised on both sides of the pond in this nightmarish technocratic tango is that only austerity can save the day. I wonder if they really believe that, it sounds like the run up to another great depression if you ask me since they are asking those that can least afford it to pay for the excesses of the few.
The Technocrat Tango
Stepping on our toes.