Krugman no New York Times, Martin Wolf no Financial Times, editoriais do The Economist, etc. E agora, Wolfgang Munchau.
The most frequent sentiment among readers these days is this: surely the years before 2008 were a bubble? In those giddy days, gross domestic product and other economic indicators were overshooting. So why even try to return to pre-crisis growth trends? The times of debt-driven growth are over. The more modest projected growth rates are the new normal. Get used to it and move on.
When I read such comments I am always reminded of Andrew Mellon. During the early phase of the Depression, the US Treasury secretary recommended liquidating the entire economy. Fortunately, wiser heads prevailed and he was prevented from doing so. Unfortunately, these days the Europeans allow their policy makers to do just that.(…).
If the eurozone had fixed the banking system in 2008, as the US did, and if it had not front-loaded fiscal adjustment, there would still have been a deep recession. But by now it would be on its way to a return to its pre-crisis trend.
Instead, the eurozone pursued austerity, reducing its fiscal deficit by 1.5 per cent in 2012 and by a further 0.75 per cent this year.
The combination of sustained austerity and a credit crunch did enormous structural damage from which the eurozone will never fully recover – at least not in the sense of catching up with the pre-crisis trend. And the credit crunch, which is still with us, will not end until the eurozone fixes its banking sector. Even if you are an optimist, you will probably acknowledge that this will not happen until 2015.
I was always reluctant to play the blame game when the global financial crisis broke out five years ago. But policy makers alone are to blame for this permanent and unnecessary loss of economic output and employment.
Não vale a pena. Os imbecis cultivam as virtudes de uma dona de casa e, para uma dona de casa lusitana, a pobreza é em si mesmo uma virtude.
Luis M. Jorge