Megan McArdle And The German Debt Foregiveness. Shock Doctrine is Destroying Europe. I'll be honest.
I never read Naomi Klein's 'Shock Doctrine', and I have been pretty skeptical about her actual sophistication when it comes to the ability to debate economics. I only heard of the 'Shock Doctrine' as a way of using a crisis to force through drastic pro-market, neo-liberal reforms that would never be approved democratically. But that's the perfect analogy for what's happening right now in Europe. Germany is using the crisis to force other countries to bust their unions, destroy labor protections, crush pensions and social security, slash wages, and bring up unemployment rates. Because German is in a currency union with the rest of Europe, it has, by necessity, a shared monetary policy.
Le chef économiste du FMI juge l'accord européen « insuffisant » face à l'ampleur de la crise, Actualités. Stéphane Deo : «La récession en zone euro pourrait être une des pires depuis 40 ans», Actualités. Pour 2012, S&P prévoit une légère récession dans la zone euro.