Author Topic: Could the Drachma return?  (Read 3657 times)

0 Members and 1 Guest are viewing this topic.

Offline Figleaf

  • Administrator
  • Honorary Member
  • *****
  • Posts: 29 502
Re: Could the Drachma return?
« Reply #15 on: July 08, 2015, 05:19:35 PM »
A bit like the EZ treatment of Greece, then.

Of course not. They did both. The stand-by credits to keep the banking sector liquid was combatting symptoms. Insistance on reforms was combatting causes.

Though they are heavily subject to politicking, sleaze, e.g. as in all the arguments about subsidies for farmers.

That is not an economic but a governance argument. I do not share the view that anything decided by a government body is automatically wrong, anything done by private enterprise is automatically corruption-free and anything automatic is efficient. Let's not go there. It leads nowhere.

You should also give example of redistribution mechanisms in the UK, given that the coalition government was quite moderate, and the current govt is far from as right-wing as expected.

My first para is applicable to UK unemployment benefits also. Since such benefits are automatic, the political stance of the government is irrelevant. At best, you can say that the current government did not cut the benefits (at least I hope so; I don't follow day-to-day UK politics).
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline EWC

  • Meritorious Member
  • ****
  • Posts: 807
Re: Could the Drachma return?
« Reply #16 on: July 09, 2015, 12:31:14 PM »
The real issue is partly political, partly social: a deep-rooted sentiment in the UK that somehow UK economists have different genes

Ha!  Geert Hofstede even “proved” that with his “statistics”.

Interesting that he got a fat grant from the EEC/EU to do so..........

I occasional stray across the channel, and find you folk over there are rather sensible for the most part.  The mystery for me then, is just about why you have this strange tradition of recruiting lunatic asylums rejects as top philosophers? (Heidegger, Wittgenstein, Feyerabend, Foucault, and so many more Frenchies its impossible to list ‘em.)

On his deathbed, Feyerabend admitted he had gone too far in backing democracy against objectivity. 

I wonder if the same will ever happen to Yanis Varoufakis?