Finance trumps Democracy in Europe by Amartya SenQuicklink submitted by Josh Mitteldorf Permalink
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|The first half of Sen's NYTimes op-ed is just what Krugman has been telling us for a year: 'fiscal austerity' in a recession leads to a downward spiral. Cut to the second half: It has become commonplace to use debt as an excuse to supplant the political process with a committee of bankers. 'Perhaps the most troubling aspect of Europe's current malaise is the replacement of democratic commitments by financial dictates--from leaders of the European Union and the European Central Bank, and indirectly from credit-rating agencies, whose judgments have been notoriously unsound.' If you think these experts aren't formulating their policies with your best interest foremost in mind, you're probably paranoid. 'Europe cannot hand itself over to the unilateral views of experts without informed consent of its citizens. Given their transparent disdain for the public...'|
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