Here comes a cannon shot.Europe may still recover from this potentially terminal disease and decline. Insolvency must be purged from the system and it must be done openly and honestly. That path is not easy, but it is always the right path — for Finland, and for Europe, Mr. Timo Soini, the chairman of the True Finns Party in Finland, writes in Wall Street Journal about Europe's financial and political problems.
Before the jargon he says,
When I had the honor of leading the True Finn Party to electoral victory in April, we made a solemn promise to oppose the so-called bailouts of euro-zone member states. These bailouts are patently bad for Europe, bad for Finland and bad for the countries that have been forced to accept them.According to Soini Europe is suffering from the economic gangrene of insolvency — both public and private: unless we amputate that which cannot be saved, we risk poisoning the whole body.
The official wisdom is that Greece, Ireland and Portugal have been hit by a liquidity crisis, so they needed a momentary infusion of capital, after which everything would return to normal. But this official version is a lie, one that takes the ordinary people of Europe for idiots. They deserve better from politics and their leaders.He says, if some banks are recapitalized with taxpayer money, taxpayers should get ownership stakes in return, and the entire board should be kicked out. But before any such taxpayer participation can be contemplated, it is essential to first apply big haircuts to bondholders.
Hard text from the man, who is a populist leader.
Does the body rule the mind,
or does the mind rule the body ?
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