Paul Krugman: Those Revolting Europeans
from the NYT:
The French are revolting. The Greeks, too. And its about time.
Both countries held elections Sunday that were in effect referendums on the current European economic strategy, and in both countries voters turned two thumbs down. Its far from clear how soon the votes will lead to changes in actual policy, but time is clearly running out for the strategy of recovery through austerity and thats a good thing.
Needless to say, thats not what you heard from the usual suspects in the run-up to the elections. It was actually kind of funny to see the apostles of orthodoxy trying to portray the cautious, mild-mannered François Hollande as a figure of menace. He is rather dangerous, declared The Economist, which observed that he genuinely believes in the need to create a fairer society. Quelle horreur!
What is true is that Mr. Hollandes victory means the end of Merkozy, the Franco-German axis that has enforced the austerity regime of the past two years. This would be a dangerous development if that strategy were working, or even had a reasonable chance of working. But it isnt and doesnt; its time to move on. Europes voters, it turns out, are wiser than the Continents best and brightest. .................(more)
The complete piece is at:
http://www.nytimes.com/2012/05/07/opinion/krugman-those-revolting-europeans.html?_r=1