Wednesday, September 28, 2011

German voters decide fate of the world

We often think of the financial crisis as a problem of technocrats. The economists and specialists get in a room and figure out what needs to be done to solve the crisis. Money has to be raised. Emergency funds have to move. Budgets have to be approved and the system will be fixed. It s an engineering problem. However, this is a different problem because it is an issue of will. The political process determines the fate of the financial world. Now it could be said that this is always the case, but for the EU it is especially the case because it requires the will of the Germans to fund a different group within Europe.The local voting will determine whether a financial bail-out will prove to be workable. The German people do not seem at this time as though they are willing to provide the funds or will to make this work.

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