The musings of Mr Monkeysized

Roll up for Economic punditry by monkeysized

To chance my arm at economic punditry, I have a monkeysizer’s comment about the deal reached by EU finance ministers last night.

The problem they have is that they do not have the vision to tackle the fundamental underlying problems that they face. The FTSE and other financial indices are up at the news that the various nuts and bolts to tackle the debt funding problems faced by European economies has been nailed in place. In fact it’s value is higher than I’d imagined was possible, given the inability of most governments (in particular those in trouble and those hypnotised by a political imperative rather than rational and evolving interests) to think beyond their nostril hair.

But what has been agreed, as suggested by the magnificent Stephanie Flanders, tackles the symptoms and not the causes of the crisis. Where is the real fix to European economies going to come from? From absurd faith in ludicrous schemes like the Lisbon Agenda and 20:20? Hell no. From budgetary discipline now that we’re deep into an exercise in moral hazard? Hmmm.

The failure to see the big picture is unedifying among these leaders. They are the proverbial frogs in water on the stove. The water is heating up and they refuse to clamber onto the stone. They have no idea that they need to understand monkeysizing.


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