Uno diverso in Toscana, che crede, in questa nostra madreterra, in questa fugace vita, in qualcosa di diverso.

giovedì 1 gennaio 2015

Money to the people, not only in Greece

Ordinary people, all over Europe, not only in Greece with Syriza, do not ask for the moon
They just want to work harder and, in return, have cash enough for living their own way.
The problem is not the Euro, in Europe. 
A strong, international currency, whose value might be protected from politicians' follies, is still more an opportunity than a problem. 
People are happy with Eurozone's low interest rates and Euro's high purchase power.
What is really urgent is putting more Euros in ordinary people's hands. 
A wide, global reflection is indeed urgent about the necessity of printing less money but transfter more money to the people - a good start may be read in this article by Mark Blyth and Eric Lonergan.
To create more cash, without increasing debts, it is certainly necessary to study something beyond the Euro, to strengthen local democracies and local economies, in the long term. But in the short and mid term  there is no need to imagine a radical departure from the status quo!
For start, it would be enough a new season of fiscal equity, within each country, and a new European political solidarity, of the kind had already happened in European history, to save countries from poverty - as Germany after the Second World War.
It would also be very useful to abstain from a gloomy narrative about financial panic in the Eurozone: most of the countries - Greece included - can afford to restructure, or even to default, in many cases of huge public and private debts. And the «markets» know it very well and have already discounted the possible losses. Losses that, by the way, in recent European economic history, have mostly been covered by states' intervention and already paid by the general public through taxation.
So we need something ancient in this new year 2015: mutual generosity and debt forgiveness.
Politicians and central bankers have to struggle to lower as much as possible the interest on all public and private debts.
Italy, for istance, in times of strong Euro and enduring deflation, is still paying 80 billion every year in interest on its debt, 10% of its national budget. Is it really fair? Is the austerity, then, fattening few rentiers at the expense of many workers?
And, of course, if lowering debt service would not prove enough, we must not be afraid to ask the forgiveness of our debts and to forgive our debtors.
Being European means an important thing, among many: we may change perspective, mindset, approach. We may innovate. Let's do it.
Happy new year 2015, peoples of Europe.

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