sábado, 12 de novembro de 2011

Agora sem tergiversações (cont.)

Robert Wenzel, escreve, sob o título "Portuguese President: Mad Money Printing Needed to Solve Eurozone Crisis". Vale a pena ler na íntegra a perspectiva de um adepto da Escola Austríaca (Wenzel) sobre as propostas de um Cavaco Silva  neo-keynesiano (realce meu):
The European Central Bank can stop the spread of the Eurozone crisis with “foreseeable, unlimited” purchases of Italian and other government bonds,says Portuguese President Anibal Cavaco Silva. This, of course, means huge money printing by the European Central Bank.

Imagem retirada daqui
“The European Central Bank has to go beyond a narrow interpretation of its mission and should be prepared for foreseeable intervention in the secondary market, not as the central bank has done up to now,” Cavaco Silva said yesterday in an interview at Bloomberg headquarters.

“It has to be able to be a lender of last resort,” said Cavaco Silva, who as Portugal’s prime minister presided over the 1992 signing of the Maastricht Treaty, which cleared the way for the euro common currency. “It has to be a foreseeable, unlimited intervention.”

In an insane sort of way,Cavaco Silva is correct. The only way the Eurozone is going to be "saved" is through ECB money printing. There is no other source capable of funding the bailouts required by the Eurozone. Of course, the problem with money printing is that in addition to distorting the structure of an economy, the amount of money that would be required to be printed is so massive that price inflation would start to gallop follow the printing of such sums---and ultimately destroy the euro completely.

The only real solution is bankruptcy for the governments that can't pay their debt. The only reason this option is not being considered is because the banksters own too much of the government paper and they don't want to take the hit.

Sem comentários: