Paul Krugman beschreibt das erstaunliche Drama aus der Ferne:
S&P’s downgrade of a bunch of European sovereigns was no surprise. What was somewhat surprising — and which went unmentioned in almost all the news stories I’ve read — was why S&P has gotten so pessimistic. From their FAQs:
„We also believe that the agreement [the latest euro rescue plan] is predicated on only a partial recognition of the source of the crisis: that the current financial turmoil stems primarily from fiscal profligacy at the periphery of the eurozone. In our view, however, the financial problems facing the eurozone are as much a consequence of rising external imbalances and divergences in competitiveness between the EMU’s core and the so-called “periphery”. As such, we believe that a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers’ rising concerns about job security and disposable incomes, eroding national tax revenues.“
And today we read about the response:
„German chancellor Angela Merkel has called on eurozone governments speedily to implement tough new fiscal rules after Standard & Poor’s downgraded the credit ratings of France and Austria and seven other second-tier sovereigns.“
S&P hat laut eigener Aussage die Ratings nicht gesenkt, weil die entsprechenden Länder zu wenig Sparanstrengungen unternehmen. S&P hat laut eigener Aussage die Ratings gesenkt, weil die Sparanstrengungen die inländische Nachfrage abwürgen und dadurch das Steueraufkommen sinkt. Die Märkte wollen KEINE Austeritätspolitik. Wie laut müssen sie das denn noch schreien, damit Merkel endlich zuhört?
Redrockreason 