We need leaders with vision in the EU, Germany and Ireland
The ECB has lowered interest rates to zero because it is baffled by the lack of economic growth in the eurozone.
This is the same ECB and Eurozone system that has access to what are apparently the best economic minds of this generation.
Can it really be possible those big brains who get to shape economic policy do not understand that the root cause of low growth is because people are not buying and using a range of goods and services?
Why is that then? It is because as well as trying to pay down their own personal debt or save for homes, they are also paying higher taxes to pay for the cost of the bank bailout, which was meant to be the solution to this wave of debt repayment failure that was going to roll across the eurozone.
The eurozone cannot begin to grow properly until the legacy issue of poor debt is addressed and if the ECB has made the decision that no Eurozone bank will ever be allowed to default, no matter what the social consequences for EU people, then the only other option is that when a bank is bailed out by the taxpayer, that same taxpayer gets their debt written off or reduced on a case by case basis where appropriate.
It seems quite astounding ECB policy makers do not understand that the mistake of allowing the banks receive taxpayer funded bailouts, while never being required to identify where all that money went or why people were not given debt relief or debt write down (as happened in Iceland with the approval of the IMF) on a case by case basis is why the Eurozone zone is falling behind.
None of the problems we face now, need a special intelligence to solve them.
But they do need the will to want to solve them.
Mr Dragi is insulated from the real world effects of the failure of the ECB. No pay cuts for him. No struggle to pay a mortgage or save for a pension for him. Nor for any of the people who get to talk to him face to face at the ECB.
Ms Merkel is isolated from the consequences of her decision to open the floodgates to millions of Muslim people who do not share our cultural norms and do not believe women are equal. She isn’t competing against a Muslim family for social housing or a job.
In the EU, Germany and Ireland the calibre of the people in decision making leadership positions does matter and we have all been affected when they get it wrong.
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