Sat Sep 17th, 2011 at 11:35:29 PM EST
From: Bailout Rebellion in Germany Heats Up zero hedge
"There cannot be any prohibition to think" just so that the euro can be stabilized, wrote Philipp Rösler, Minister of Economics and Technology, in a commentary published on September 9 (Welt, article in German). "And the orderly default of Greece is part of that," he added. Instantly, all hell broke loose, and Denkverbot (prohibition to think) became a rallying cry against the onslaught of criticism that his remarks engendered.
I have always believed: "when you are right you are right!" In this case Philipp Rösler is definitely right about Denkverbot. But there is a more fundamental Denkverbot than the one to which he referred which should also be rejected: That the current financial crisis could better be resolved by writing down unpayable debt, as opposed to bankrupting governments trying to pay the unpayable.
Perhaps while the subject of Denkverbot occupies the popular press in Germany it would be a good time to raise the issue of this more fundamental Denkverbot. As Jerome recently suggested:
Well, it's simple. Germans should be pissed off (i) at their politicians for squeezing their wages to create profits for multinationals and their owners, (ii) at their banks for blowing off that money in stupid casino bets in US subprime and Spanish real estate, (iii) at their politicians for bailing out the banks at no political or practical cost to bank managers and bondholders, (iv) at their elites for blaming Greek laziness for the stagnant wages.
Should we not be sketching out the consequences of dealing with bankruptcy by those who made the loans to the peripheral nations? This would have the benefit of making a comparison of the costs of this course verses other approaches available and such a course of action would have the additional benefit of making those who caused the problem pay for the problem they created. Why, it might even provide a major precondition to resolving the ongoing crisis. Without such actions the current crisis does not seem susceptible to solution. Is there no one who can publicly take up that position? Is not that subject the true Denkverbot that is currently active?