May 14, 2010

Mr. Padoa-Schioppa, you helped to pick out "the intelligent", so now you better live with them

Sir it is somewhat hard to comment Tommaso Padoa-Schioppa’s “The euro remains on the right side of history” May 14, because it includes so much of that glorious babble that I produce when I have had a glass of wine too many. That said let me remind Padoa-Schioppa that when he describes those enemies who besiege his euro and refers to “targets selected by the intelligence of three credit rating agencies” he should do well remembering that he himself was among those empowering these credit rating agencies and innocently believing them to be so intelligent that you could structure your whole financial regulations around them.

I am also left with a lingering doubt, is he suggesting that the omnipotent nations-state of Europe should be replaced by an even more omnipotent union. Mind you I am all for EU, as long as it is subservient to the citizens… since deal-making Maastricht bureaucrats can be just as obnoxious as deal-making Westphalia kings.