February 9th, 2011
Sometimes one will not escape the impression that we are about to install a global system of collective irresponsibility: The world economy is in consequence monetarily funded financial market bubbles flooded again with fresh money, the knowledge of powerful banks so that they are too big have become to be taken for hazardeurhafte business practices in the liability, the policy met with the merging into even larger banks, and the shattered remains of a crisis that finds its ultimate source in an indebtedness of the U.S. economy is drowned with debt policy, the The world has never seen.
Sure, most of it is political process, and in a time when the macroeconomic instruments must first delete the current fire. But unfortunately, the distinction between process and planning policy has always been a little too textbook way to demonstrate in practice the necessary selectivity, and this has provoked even more abuse. But where we end, when top bankers demand the debt shoulders of the risks of Greece on the State KFW, while they offer themselves generously for the acquisition of related business? And when the policy takes the ball to go with it joyfully and also the proposal for a European Monetary Fund gratefully accepts EWF? Of course it is legitimate to think about the creation of new institutions, ideas, and then come here sometimes more and sometimes less out suitable proposals. But in this case, it goes without any reservation straight to the point, although the EWF would wipe out one until recently sacrosanct principle of monetary union simple: the no-bail-out clause, so the ban on EU states to help out each other fiscally . As is the fact that the EWF at all can only serve the unpopular undermine no-bail-out clause, unabashedly so gelatinized that it refers to strict rhetoric on the “tough” conditions, which can ultimately only such institution could enforce. Just ask yourself: “Tough” conditions, what really
Formulated Knapp, of this: We provide assistance with the aim to establish conditions on this assistance, but we conceal, that without the assistance, the conditions do not even need – unless we would have long since resigned themselves to that we must afford the aids anyway. The latter have conceded the idea of the supplier of EMF actually open, and so we are approaching the crux of the matter: What we want to make fiscal benefits depending credible to “tough” conditions, when everyone knows that we will see ourselves unable in any case, the refuse to aid in the event of the case? The deeper problem is that of credibility, provide assistance in this case the credibility of the announcement, fiscal assistance under the momentary legal or not at all in connection with an EWF only under harsh conditions. Both announcements are reminiscent of the young parents who announce their child in the morning, take it to Grandma for the evening, but even then go to a party to, and now threaten the child that it is not in the case of unruly behavior could be a punishment of his beloved grandmother . If the child is aware of the importance of the party by his parents, then it can be confidently misbehave during the day, while still on Grandma.