Source: Financial Times, June 27 by Anne Sylvaine Chassany
Thomas Piketty is the French economist whose bestselling 700-page work on wealth and income inequality made headlines last year.
Do you really need to pay someone 100 or 200 times the average worker’s salary to get their arses [sic] in gear?
The eurozone is following the example of the U.K., which spent the 19th century paying down its huge debt pile inherited from the Napoleonic wars with budget surpluses. It worked, but it took 100 years during which the U.K. neglected its education system.
The eurozone crisis reflects a deeply flawed governance where only two leaders decide who calls for “democratic overhaul of European institutions….” It’s purely because we are unable to organize ourselves politically that we are in deep shit.
Europe is choosing the wrong path, the path of eternal penitence…. It would be a catastrophe to force Greece out of the eurozone.
It is ironic that austerity is imposed on debt-laden Greece by two countries, Germany and France, that benefited from debt cancellations after the second world war: a move that allowed for 30 years of growth on the continent…. There is some sort of collective amnesia.