Benedict XVI's Statement on European Economy
Posted in the Pope Benedict XVI Forum
#1 Jan 7, 2013
"Alone, certain countries may perhaps advance more quickly, but together all will certainly go further," the Pope said.
(This is me talking now):
There are economists that feel on the macro level to help a stagnant economy, too much austerity is harmful. What 'works' for a micro unit like a family, does not work for a macro unit like a continent.
A family reduces spending and uses the saved funds to pay debt.
If a macro unit ---the whole thing---reduces spending and used the saved funds to pay debt, there is no cash moving in the economy
and the stagnation deepens!
So, economist feel that on a macro level, stimulus spending in the short-term, with a long-term eye on debt reduction will lessen the pain.
I, though, cannot sign on to this idea. The reason is on the macro level the "long-term eye on debt reduction' is a fallacy.
It will NEVER happen! The spending short term is like a drug
and it creates addiction.
I disagree with Benedict. I think the countries that are
taking severe austerity measures now, like the UK, who is also suffering greatly from not just the recession but also from the 'cure' taken, will rise up faster than those who think they can take a long-term painless approach.
THEN, once the diligent get their debt under control, THEN and only then should they be gracious enough to help the others who
are still struggling.
It is OK to sink into oneself first to correct problems and difficulties, and then, once again on solid footing, then go out and be effective in the rest of the world. A sick 'person' can't be very effective, but a well 'person' can.
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