We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
People get nervous and stop all spending? BS. Spending falls to the minimum necessary level. If that is a crash, it is a crash to reality. Only from that point, the point at which prices once again accurately convey demand, can growth begin again.
This guy seems to have missed the point that the countries deepest in debt--Greece, Ireland, Spain, Italy--got to that point in part because of government growth, low retirement ages, and ridiculous pensions for government employees. Why throw good money after bad without some sort of willingness to change?
"Irish economist" can't recognize the simple situation of 20 pounds income, 19 pounds outgo, happiness, versus 20 pounds income, 21 pounds outgo, misery. Every Euro country except Germany overspends their budget because it's their socialist nature to do so, and yet expect the rest of the EU to pick up the difference. When they can't, blame the banks!
Germany, listen up. Once in a while, I used to go out to dinner with a group of friends after working at an entertainment event all day. Invariably, there were always two guys who would attach themselves to our group, order steak, and only put in cash for hamburger. "It's only reasonable to share the cost" they would spout, which meant everyone else had to chip in a little more. We finally had enough. The last time we ate together, the rest of us excused ourselves one at a time away from the table at the end and simply left to meet up at a bar. Our two amateur lampreys were stuck with the bill. They got the hint and didn't tag along after that. We didn't blame Visa.
Not buying the pro-statist, big government knows best argument here..... since that is what got them into their overspending problems in the first place. I thank my lucky stars everyday that I don't live in Europe..... now if we can just stop the US from catching the European disease.
Was I supposed to believe any of that? Including that any of these countries are truly being austere?
I will say this however, the OT concept of the "Year of Jubilee" is what he's asking for. It's a profound system that was dictated in the Bible. However, one big difference is that lenders knew it was coming. I don't think Jesus would approve of the way it's being pushed these days, whether it's by Catholics or Socialists. Ergo, I don't think what they're asking for is Christian at all.