Friday, March 09, 2012

What Ails Europe? Stupidity!

I think this Paul Krugman article really does a great job pointing out the true cause of the European economic crisis: a single currency, the euro, which "effectively reinvented the defects of the gold standard — defects that played a major role in causing and perpetuating the Great Depression." It seems inconceivable that anyone in the 21st century would actually be calling for a return to the gold standard, and yet some Americans politicians continue to do so. Here's hoping that President Obama's not nearly that stupid, and that he can get re-elected in November to provide a buffer against it over the next 4 years, at least.

The article also calls out conservatives for their unflinching commitment to blaming the Euro-crisis on the generous social safety nets in place within most of the countries there, despite the data completely invalidating that claim. "Never let the facts get in the way of you making your point," I guess.

This is such a crazy time to be alive, where lessons learned 80 years ago can be so completely ignored. Those who forget history are doomed to repeat it, and we're all along for the ride, it seems.

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