Tuesday, 19 March 2013

International Interlude

Generally, I like to concentrate on providing analysis and commentary about Manitoba provincial politics. I view it as a grossly under-examined (at least compared to provincial political coverage in other provinces' blogospheres). I sometimes swerve upwards to discuss Federal issues and downwards to discuss municipal issues.

I've gotta make an exception for the Cypriot deposit expropriation scheme. It's a pretty big issue and shows just how bad stupid policy can be.

Let's let the ever prescient economist Steve Keen explain:



It's amazing how incompetent European policymakers have been. Austerity and now deposit expropriation is a surefire way to dynamite the global economy.  The European Central Bank, as you may recall, was foolish enough to raise interest rates as the global economy tanked due to the financial crash - because of inflation paranoia.

I'm rather glad that policymakers in Canada didn't rush to slash spending to deal with cyclical deficits. If we got what "fiscal conservatives" wanted, we'd be screwed.

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