Mid
24th August 2007, 06:28 AM
This is probably the better forum to post this in as it relates to strange (or at least ideological) business commentary, although I suppose it could fit into the CT forum as well.
Anyway a couple of days ago I was reading the Telegraph's commentary about the sub prime problems and saw the following comment:
... the EU quite deliberately created the most dangerous credit bubble of all: EMU. And, whereas the mission of the Fed is to avoid a financial crisis, the mission of the ECB is to provoke one. The purpose of the crisis will be, as Prodi, then Commission president, said in 2002, to allow the EU to take more power for itself. The sacrificial victims will be, in the first instance, families and firms (and banks and investors) in countries such as Ireland and Club Med. Subsequently, German savers (or British taxpayers) will bear the burden of bailouts that a newly-empowered "EU economic government" will ordain.From http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2007/08/20/ccom120.xml
It then goes onto use some standard economic theory to make some fairly Eurosceptic predictions. I suppose the point of posting this is to discuss this article, do people agree with it's Euro based predictions? (myself I could see these problems possibly happening, don't think it was a deliberate ECB policy though.) Also discussion of articles or opinions that significantly twist economics and business events to fit the writers own agenda would be interesting as well.
Anyway a couple of days ago I was reading the Telegraph's commentary about the sub prime problems and saw the following comment:
... the EU quite deliberately created the most dangerous credit bubble of all: EMU. And, whereas the mission of the Fed is to avoid a financial crisis, the mission of the ECB is to provoke one. The purpose of the crisis will be, as Prodi, then Commission president, said in 2002, to allow the EU to take more power for itself. The sacrificial victims will be, in the first instance, families and firms (and banks and investors) in countries such as Ireland and Club Med. Subsequently, German savers (or British taxpayers) will bear the burden of bailouts that a newly-empowered "EU economic government" will ordain.From http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2007/08/20/ccom120.xml
It then goes onto use some standard economic theory to make some fairly Eurosceptic predictions. I suppose the point of posting this is to discuss this article, do people agree with it's Euro based predictions? (myself I could see these problems possibly happening, don't think it was a deliberate ECB policy though.) Also discussion of articles or opinions that significantly twist economics and business events to fit the writers own agenda would be interesting as well.