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The Misnomer Called Crisis Fighting

  06/24/12 12:29, by Len, Categories: Announcements, Money Markets, Risk Management, Economics Commentary

Source - Article by Cees Bruggemans - 19th June 2012

Profile: Cees Bruggemans is Chief Economist of First National Bank.


As yet another hysterical headline swam into view (“European leaders heading to G20 summit face mounting pressures to resolve sovereign debt crisis”), it suddenly struck me that what masquerades as ‘crisis fighting’ isn’t really crisis fighting at all. Stonewall Jackson got his name for a reason. The delightful blighter didn’t fight, he stonewalled. So tell me differently about Europe. I spoke to a citizen of Athens on Monday. Wanted to know how he was feeling on the day after The Weekend. No, he was feeling wonderful. Now the country was finally pointed in the right direction. But someone had to tell the Germans that a country that has so far lost 20% of its GDP, and where ordinary folk previously earning the equivalent of R15000 a month now had to frequent soup kitchens, was clearly doing everything to please its creditors. And yet the creditors didn’t want to see reason. It could always be better. Which, granted, was true enough.

But why expect something that should take 40 years to take four years or less? Certain things can’t be done overnight. The Germans themselves took 20 years recovering from WW2 (physically that is) and took another 20 years recovering from the collapse of communism and the re-unification with East Germany. How could they possibly expect an easy-going enterprise like Greece to suddenly reinvent itself?

It is a question that has bothered me for some time.

Read the full article here

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