Europe Continues Drinking ECB Kool-Aid

Does extremely serious economic and political instability exist in the Eurozone? What do you think of the following?

The eurozone's financial arithmetic continues to head inexorably in the wrong direction.

The ECB's zero growth policy (ZGP) is slowly bankrupting the peripherals as their debt grows while their economies and government revenues shrink. The political pressure gauge is the unemployment rate, which has already entered the critical "red" zone for some of the peripherals. The human cost of the ZGP is immense and has not yet fully manifested itself in the political process. Zonal unemployment is now 12%, and zonal GDP is shrinking (yes, the whole zone).

But this is not an acknowledged problem for the eurozone, because employment is not an ECB mandate. Unemployment and growth are irrelevant to the European assessment of the success of Plan A. As far as the ECB is concerned, Plan A is a big success.

via Europe Continues To Drink The ECBs Poisoned Kool-Aid by Christopher T. Mahoney – Project Syndicate.

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