It wont make any difference. The Europeans are in a trap of their own making. Unless they make massive efforts to change (undo) what they have been doing for the last 75 years, they are doomed to repeat the same mistakes over and over expecting different results. One can not eliminate competition between workers, because this so-called protection dooms them to failure in a global market. No amount of monetary policy can take the place of an enthusiastic work force that believes it can (and wants to) get ahead. Polls show that Europeans do not believe they can make their lives better by their own efforts, and the game is rigged. They are right. One cannot foster excellence and productivity if there is no point in making the effort to become more productive. There must be a system that rewards capital risk as well as rewarding the worker for greater effort. The Socialist paradise Europe was is now in a shambles. It can not rise from the ashes without pain. There is no spoon full of sugar big enough to make this medicine go down. ==================================================== https://project-syndicate.org/commentary/nouriel-roubini-supports-ecb-president-mario-draghi-s-plan-to-revive-eurozone-growth
Posted on: Wed, 03 Sep 2014 15:57:03 +0000
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