06 October 2008

Stupidity, thy name is...

I already had a misfortune to stumble on that name before. Then Mary Dejevsky appeared as "one of the country’s most respected commentators on Russia". Now it appears that she is an expert on economy as well. According to her, Amid the chaos, we should hail the triumph of Europe. Why? That's why:

This is the high-salary, low-tax, easy-credit model that has now been exposed for the con it always was. The Continental Europeans – and they could be forgiven for pointing this out at the very top of their communiqué – ran their economies according to a very different, social market, model. It is a model that has now been triumphantly vindicated.
According to Ms Dejevsky, the current financial storm is 'a crisis of what the French used to call, with a contemptuous Gallic shrug, the "Anglo-Saxon model"'. See how simple it is to have an opinion on economy?

The mere fact of appearance of the inane article is quite surprising, especially due to publishing on the same day of another, quite different piece by Dominic Lawson, where he concisely and clearly shows that the roots of the current crisis are social (political, whatever). You can even call them ideological, since the unbearable lightness of getting what Lawson calls "improvident loans" has less to do with Anglo-Saxons (or any other tribe, for that matter) and more with internal politics.

A good show of what rampant capitalism could do when all checks and balances that could have been in place were removed by rampant populism.

Now go and explain this to Ms Dejevsky...

And as a fitting finale:
Governments across Europe scrambled to save failing banks on Sunday, working largely on their own a day after leaders of the continent's four biggest economies called for tighter regulation and coordinated response to the global meltdown.