Poglejte spodaj rezultate šok terapije z varčevanjem (oz. puščanjem krvi) v perifernih državah. Se vam zdi, da je zdravilo delovalo? Je zaustavitev negativnega trenda po petih letih upadanja znak ozdravitve? Nato pa poglejte še sliko spodaj za Grčijo. In vse napake glede napovedi zdravilnih učinkov “puščanja krvi na BDP.
Zakaj EU, ECB in IMF ne prenehajo z zdravljenjem z metodo “puščanja krvi”? Ker skrivajo lastne napake in polirajo svoj imidž pred lastnimi volilci.
But we have had five years to observe creditors’ tender ministrations, under governments that complied with creditors’ every demand. This has been the result:
Euroelite apologists cite the small upturn at the very end of the graph to say, “See! Things were going swimmingly until the five-month old Syriza government screwed it all up. They just had to stick with the program! It was working! The darkest hour comes before the dawn!” These people, they are sophisticated highly educated people. You can trust them. Check out this track record:
The fact of the matter is no country, not Germany, not France, would voluntarily put up with the sort of “adjustment” that has been forced on Greece, for the good reason that gratuitous great depressions are not actually helpful to an economy. Creditors have had five years to mismanage Greece and they’ve done a startlingly effective job. Syriza has had five months to object. However much you may dislike their negotiating style, however little you think of their competence, Greece’s catastrophe was not Syriza’s work. If creditors respond to Syriza’s “intransigence” with maneuvers that cause yet more devastation, that will be on the creditors. Blaming victims for having insufficiently perfect leaders is standard fare for apologists of predation. Unfortunately, understanding this may be of little comfort to the disemboweled prey.
Europe’s creditors are behaving exactly as one might naively predict private creditors would behave, seeking to get as much blood from the stone as quickly as possible, indifferent to the cost in longer-term growth. And that, in fact, is a puzzle! Greece’s creditors are not nervous lenders panicked over their own financial situation, but public sector institutions representing primarily governments that are in no financial distress at all. They really shouldn’t be behaving like this.
I think the explanation is quite simple, though. Having recast a crisis caused by a combustible mix of regulatory failure and elite venality into a morality play about profligate Greeks who must be punished, Eurocrats are now engaged in what might be described as “loan-shark theater”. They are putting on a show for the electorates they inflamed in order to preserve their own prestige. The show must go on.
Throughout the crisis, European elites have faced a simple choice: Acknowledge and explain to electorates their own mistakes, which do not line up along national borders of virtue and vice, or revert to a much older playbook and manufacture scapegoats.
Such tiny, tiny people.
Vir: Steve Waldman