«Main trade routes of late medieval Europe» Lampman (Wikipedia)
«Inter-Regional Capital Flows» Twisted MBA (http://www.twistedmba.com/2012/05/18/money-its-a-gas/)
Financial jungle of the eighties years of XX century create objective conditions for capitals moves for distant spaces of economic creation of value, of real support social and sustainable needs of Persons! Financial system leaded by banks created direct and indirectly, strong spaces of speculation without a real regulation. Crisis showed the deep distance between prices and values of a lot of merchandises, papers, futures, electronic mouvements.
But a lot of players as usual, win a lot of money in games of negative or null sum.
Political Societies and General Government of many countries deep linked to banks, supported big bubbles of speculation and the consequences over financial system with a big transfer to debt and taxes of the damages with strong processes of devaluation or fall of empolated prices.
Greece, Ireland, Portugal, Spain, Italy import, with cumplicity of Political Societies, a lot of problems of a not balanced economic system inside European Union that benefit Germany (submarines purchases is an example of corruption).
The answer of European Comission (EC) and European Central Bank (ECB) determinated by German Government and Bundesbank with the cumplicity of International Monetary Fund (IMF) and by the Governments of the countries was a disaster, with a badly linkage with Economists that legitimate the actions of strong devaluation of the Economies without a strong reforms in Political Societies and General Governments.
The incredible «front loading» was a great disaster that create more public debt with a laundering of the big mistakes of central banks and banks that don´t knew failures by a not liberal injection of a lot of money or by nationalization of losses.
The situation implicate that who win with bubbles pay the dammages and not the Persons by brutal taxes, that implicate the stop of freedom circulation of capitals!
Economists go on with empirical and pseudo scientifics points of view, with so many limits that turn them supports to ideological manipulation for defence of interests of lobbies. Liberal ideology are abused, freedom with not balanced powers create more fortunes and more poorness in countries, regions, cities, families, persons.
An example was Carmen Reinhart and Kenneth Rogoff linked to IMF with errors and inflection of them point of view about austerity (http://www.imf.org/external/pubs/cat/longres.aspx?sk=41173.0):
«Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten» |
|
| Author/Editor: | Carmen Reinhart ; Kenneth Rogoff |
| Publication Date: | December 24, 2013 |
| Electronic Access: | Free Full text |
«Summary:
Even
after one of the most severe multi-year crises on record in the
advanced economies, the received wisdom in policy circles clings to the
notion that high-income countries are completely different from their
emerging market counterparts. The current phase of the official policy
approach is predicated on the assumption that debt sustainability can be
achieved through a mix of austerity, forbearance and growth. The claim
is that advanced countries do not need to resort to the standard toolkit
of emerging markets, including debt restructurings and conversions,
higher inflation, capital controls and other forms of financial
repression. As we document, this claim is at odds with the historical
track record of most advanced economies, where debt restructuring or
conversions, financial Repression, and a tolerance for higher inflation,
or a combination of these were an integral part of the resolution of
significant past debt overhangs.»
We need another alternative approaches that link better micro, meso and macroeconomic analyses with political points of view: Political Economy where empirical methoods are one more mean and not a goal! Is not possible a pure approach in human world. Economic Science must acept it assumptions link subjectivity with objectivity, link expertise with statics. The macroeconomic models must change with qualitative variables and more complex points of view link micro, meso to macro levels ...
We need another alternative approaches that link better micro, meso and macroeconomic analyses with political points of view: Political Economy where empirical methoods are one more mean and not a goal! Is not possible a pure approach in human world. Economic Science must acept it assumptions link subjectivity with objectivity, link expertise with statics. The macroeconomic models must change with qualitative variables and more complex points of view link micro, meso to macro levels ...
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