Just thinking this morning what I'd do if I was an Italian leftist. Probably kill myself rather than face the kafkaesque trap they're in of a choice between permanent deflationary politics tied to dead hand Bundesbankers or an incredibly painful economic transition out of the Eurozone that would probably require alliance with literal fascists.
I suppose the current strategy of praying that a pro-fiscal expansion coalition manages to take over Europe has some merit given the other options, but Christ...
Well, hello, I'm and Italian leftist, and while I'm pretty doomer about things I wouldn't necessarily be that doomer. I don't think the barriers for leftist action within the EU are necessarily any worse than those for leftist action in the US. The EU has genuinely changed pretty significantly over the past few years in its attitude to economic policy (Mario Draghi being a big reason why). Of course it's not enough, but it shows there is a way forward there.ECB turning on the spigots with quantitative easing just about saved the Eurozone from another sovereign debt crisis, you're right. And the €750 billion coronabonds are welcome, if largely for the principle established for future packages. But consider this: the US did a $2.2 trillion stimulus in March last year, then an additional $900 billion in the lame duck omnibus, and is now about to pass another $1.9 trillion stimulus package soon. Where do the economic goals of the left (full employment giving greater bargaining power and more robust wage growth for labour over capital) look brighter given that gulf in government action?
https://twitter.com/RobinBrooksIIF/status/1352999427334660096The real worry is that the Eurozone continues to gives Italy and similar economies just enough to not explode in a debt crisis but not enough to help break it out of a death spiral of poor economic performance and emigration. Is there any prospect of northern economies agreeing to do what needs to be done on that score? Certainly not absent a real crisis that threatens the Eurozone itself like 2011, and by then it might be too late.
I agree though that the Republican Party is becoming overtly anti-democratic in a terrifying way not mirrored in Europe.
