I know little about the 'dismal science,' and have always stayed clear of it; never really watched the last 5 minutes of the news. I prefer things more stable, more unchanging, and found the ups and downs of currencies quite meaningless.
But that has all changed now since I met you lot. You're to blame.
So whether or not Draghi will rescue Europe, I am unqualified to suggest. But let me share with you my European experience so as to get this weekend discussion going (not withstanding any comments that others have made since I began this post).
At the tender age of 24 I ventured to Europe with hardly enough in my pocket to afford the train from Rome to Milan. Fortunately I knew someone at the end of the line, had my guitar to busk for my pasta, a rusky Dlyan/Cash voice, and my self initiative to bring it all together. Seven years later I returned with a wife and two children.
Along that journey I did learn of something of European culture; all new of course after 'growing up' in QLD.
It is at the grassroots of economics, that is, our deepest desires of how we prefer to arrange our material affairs, that I am more adept at commenting. Take for example the rio-bar still protruding from the flat Greek rooftops; protruding steel supposedly demonstrating that the villa is unfinished and therefore free from taxation. Or the 35 year old Italian friend I made who had semi-retired to Rhodes, because after 20 years in the work force as a shipyard welder, he had earned a government paid pension. Then there were my future 40 yearish old sisters-in-law, all retired school teachers from the same scenarios. No wonder Europe is broke, at least the southern half of it.
I was there to witness the change from the EC to EU, although I still enjoyed my summer drachma lunches (ena ouzo parakalo!) and alpine winter lire evenings (vino per favore). I found the Euro totally boring when I returned in later years.
Which brings me to my final ramblings. No doubt the EU is a great achievement, better than the attempt of Napoleon and certainly that of Hitler. So much better. But is it asking too much of people? My point is this: economics lies deeper than fiscal policy. Economics lies at the core of our material being, and that is propped up by our souls. Greeks prefer to take in the sun on their unfinished rooftops, and Italians prefer to ski their beautiful alps, while Germans and Sweedes prefer the comfort of their workshops. Of course these descriptions are simplistic, but that is the beauty of language and human reason: you still know what I mean.
Over to you.
On a different note, or maybe not so different, I am hoping for a visit on HC from my good friend from Sth Carolina, who shall be named, @diverdan. A self sufficient trader and self taught global economist, although he will no doubt downplay such accolades. Please make him feel welcome as I know he can contribute well to our community. He first must tame the bears.
