Discussion for article #227497
This is what has happened to the economist class in Europe, now so cowed by the austerity rumba. Just a few macroeconomic chirps from the bushes that this could be a monetary train wreck. It’s as if the economic intelligentsia are having after-dinner drinks and a smoke on the deck of the Titanic when one nods and comments “I see you ordered ice, Throckmorton, but really I think you overdid it, Old Fellow.”
Say what you want about the “economists class,” whatever the hell that is, Scotland needs to sell wool, Scotch and oil in order to get medicine, vegetables, and machinery. They want to become independent to avoid Britain’s austerity, but they are going to need austerity for decades to stabilize their currency— whatever form it takes— if they go independent. People who like their welfare will not like that. Are you buying any stock in Scottish companies, or buying Scottish debt right now? You can get it for a song at the moment.Just remember— if they become independent no one will bail them out. The upside is Johnny Walker Blue will be available for $40 a bottle!
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I’d see the whole of Europe burn for that upside.