re:Re: [Pen-l] Downturn Accelerates As It Circles The Globe

[Gassler Robert <rsgassle@xxxxxxxxx>]

One of Europe's problems is the lack of coordination that has built into the EU as a result of the neoliberal takeover. Fiscal policy is made by member states; the EU has too little funds to count. Therefore fiscal policy is uncoordinated. Monetary policy is of course independent of everyone except the bankers, though not I think as explicitly as in the US. Moreover, monetary policy has more or less played out, though I suppose interest rates could drop a bit still. So the Europeans have basically screwed themselves with the right-wing ideology they borrowed from Chicago. 

>I have to say Denmark is in a better position (though they have been
>stretched in protecting the Danish kroner).  The economy is somewhat soft,
>it has been since last early year as reflected by the real estate market.
>Copenhagen had its own real estate bubble as its flexisecure labor market
>combined with labor shortages kept the economy humming for a quite some
>time.  The dampening of the economy, not related to the subprime crisis, has
>slowed growth.  But I have not heard of major layoffs though recruiting has
>slowed down.  Bank lending has tightened, as I found out since we are in the
>market.  The irony is that it is a good time to buy but my US savings,
>Copenhagen prices, and a small bank loan nullifies the opportunity
>considerably!
>
>Cheers, Anthony
>
>
>On Sun, Jan 25, 2009 at 5:56 AM, Joanna <123hop@xxxxxxxxxxx> wrote:
>
>> Thanks for the article Louis. I have to admit that the one thing that has
>> surprised me in all this is how awful the situation is in Europe. Don't know
>> why, but I thought they were smarter than that.
>>
>> I think what fooled me was their welfare state structures, which, when you
>> think of it, were legacies rather then auguries.
>>
>> Joanna
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>
>
>
>-- 
>xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
>Anthony P. D'Costa
>Professor of Indian Studies
>Asia Research Centre
>Copenhagen Business School
>Porcelænshaven 24, 3
>DK-2000 Frederiksberg, Denmark
>Email:ad.int@xxxxxx
>Ph: +45 3815 2572
>Fax: +45 3815 2500
>PhD in INDIAN STUDIES WEBSITE
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