A word on the so-called “European financial crisis”

In an article in today’s Guardian,  Josef Joffe argues that Mrs Merkel’s critics “should stop accusing her of Teutonic arrogance” because of her implied reluctance “to  take on everyone’s debts.”   We might accept that reluctance. However, while German policy makers are no doubt aware that we are dealing with a financial derivative-bank deregulation crisis made in Washington and London, and with reference to Chicago, rather than a  European financial crisis as such, the reality is that the German banks also want “their” money.

Of course, having said that, another reality is that unlike Wall Street and the City, Frankfurt, does not dictate German policy and that is why, the government in Berlin can at least feel confident when it comes to introducing a financial transaction tax, while Washington and London will inevitably continue along the road to perdition. The question, of course, is, will the disaster capitalists suck in the rest of the planet. How the so-called “European financial crisis” develops over the next couple of weeks will, at least, partly answer that question.


About sanculottist

There are a lot of poor bastards out there being used and abused; it is just not cricket "old bean". Something tells me that ignorance is not bliss, but is, in fact, simply ignorance and in the global village we cannot look the other way.
This entry was posted in Politics. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s