(from financial post, by Ambrose Evans-Pritchard, The Daily Telegraph, National Post Wire Services:)
“Commentator Nouriel Roubini said the ECB is in danger of doing “too little, too late”, warning that the bank cannot stand aloof as the rest of the world intervenes to drive down their currencies. “The euro should be 10, 20 or even 30pc weaker to restore the competitiveness of the periphery,” he told CNN.”
No doubt, but the “real” issue is outside of economics. The planet is on a trend of failure for the “not negotiable” dogma of “economics” in a “holy war,” to start with, due to generalized planetary monetary, racketeering and depredation abuse, among multinationals predatory practices against sovereign (even allied, even “their own,”) countries “and their citizens,” among political connivance creating wars of resources used to resolve international disputes “created with plausible denial” to cover decades of not just errors, but deception and fraud from the part of the economic banking establishments “in a battle for god,”
The real issue is “overshot of planetary carrying capacity,” read “population bomb” and a systemic failure involving and caused by “the faulty, predatory and deceptive principles themselves at the base of the whole economic theory,” as we ride down among the right side of the energy bell, and the sorry excuse of “growth” can not be exploited any longer, cause the exponential divergence of net energy output versus population, “reality” starts appearing, “and is disruptive for the economic dogma,” as it is happening for the “other” dogma, very soon “nobody may believe them any longer.”
For the case of the PIIGS, adding the above situation, to the corruption filth of their internal “traditional” “moral” “holy,” draconian “meritocratic” instead than “scientific,” reality, of countries where civilization stopped at the parsonage in the middle age, (it can not be failed to notice, that all the bankrupt countries in the EU are characterized by a conspicuous interference of religious bigotry and religiously forgiven criminal extortion over the governance,) countries non capable and anyhow unwilling to remove their “casts” or conflict of interest driven incompetents “with good intentions,” of over-sized useless bureaucracy only concerned with sophistic preservation of their overpaid privileges, of over-sized useless and obsolete legislation mainly with no logical merit except the one of preserving forever the “status quo” of the same cast, fed by the same process of self perpetuation, “abandon all hope ye who enter,” if the music does not change, the prognoses for the PIIGS points to the third world, no recourse, over, sayonara.