Thursday, December 22, 2011

Telling them how it is

It is not just the economic crisis engulfing Europe or the world in general but the notion of skirting or circumventing the truth in order to deal with it at a future time some time back fires. For example the truth behind the European crisis has not be told forthrightly to the different nation states (since I am hesitant to use the word Europeans because not all Europeans are in the same boat of fiscal indiscipline). The European crisis have become so severe that they have gone a begging to China and even the huge emerging economies to buy their bond so that they have some time to relax in the sun. But as somebody from the emerging markets told them that the Nation states of Europe have to largely deal with the fiscal mess themselves with little help from the fast developing countries.

And to be fair it is wrong of the European to ask the emerging countries to help them since the developing countries are either still developing or have no chance to recover their investment once they invest in the overly indebted nations of Europe. Tough love is being introduced in Greece, Ireland, Portugal, Spain and Italy and also in France too but it is either too little or it is just buying time till the next elections or a miracle waiting to happen. The truth is still being veiled in camouflage and promises which seems less likely to be fulfilled.

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