The EU needs to get its priorities straight

Seriously.  These guys have been fluffing around for so long that the entire financial system is in a panic.  So they decide its a good time to announce they are going to start taxing financial transactions – but they haven’t decided the level yet or the full scope yet.

Is Europe’s motto, during times of uncertainty add more uncertainty?  This is ridiculous.

If we have another financial crisis here, the blame mainly falls on the politicial systems in Europe (and to a lesser extent the US).  When everything I try to say to people regarding the outlook for the economy is conditional on politicians being sane, its hard to really believe that what I’m saying is damned right.

FYI, I’m against a Tobin tax.  At some point this deserves a fuller post, I have a couple of little guys sitting around here and here and here  though.

  • D.J. Taylor

    Couldn’t agree more.

    Unfortunately, sanity does not always equal competency – especially when it comes to politics.

    I liken it to following the advice of a physicist during brain surgery. They may be the most quliafied and experienced physicist in the world, but the chances are, you’re screwed.

    My hopes are not high on this one 🙁

    • Every year the incompetence of international governments surprises me.  Over recent months, its pushing new levels of absurdity.

      The fact is that they could just trust the experts (namely the ECB and Fed) – but even in that case, I’m losing faith in the ability of those organisations to implement policy in a way consistent with crisis management.  It has to be an institutional impediment – as no-one knows better about these sorts of issues then Ben Bernanke.