The refugee crisis in the Mediterranean is a story of death and desperation – Sydney Morning Herald

IOPCR at an immigrants care center in Libya

IOPCR at an immigrants care center in Libya (Photo credit: Wikipedia)

This is a powerful, must-read story in the Sydney Morning Herald. Check it out!

via The refugee crisis in the Mediterranean is a story of death and desperation.

Of course, the story is tragic but where are the political classes on this issue? Italy is doing her best to be humanitarian and she is criticized for being too soft and creating “a pull affect” for the smugglers. Where is the European Union? What have they done to bring the smugglers to justice?

I live on the Mediterranean and have crossed by ship from Italy to Egypt and can confirm that whilst it may not be an ocean, the waters can be very dangerous and are certainly very deep in places.

Let me ask an open question:

Why is the European Commission putting it’s head in the sand on illegal immigration?

Thoughts?

QE central bankers deserve a medal for saving society – Ambrose Evans-Pritchard Telegraph

English: Angela Merkel Deutsch: Angela Merkel

English: Angela Merkel Deutsch: Angela Merkel (Photo credit: Wikipedia)

This is an excellent, must-read article from Ambrose Evans-Pritchard, Business Editor at the Telegraph. Check it out!

via QE central bankers deserve a medal for saving society – Telegraph.

Personally, I broadly endorse this article. Had the US and the UK not invoked QE, there was indeed a risk of society collapsing, with widespread violence in the streets. Compared to the risky but bold approach from the Anglo-Saxon economies, Germany has led the Eurozone to the antithesis, crisis after crisis, frequently testing economic, social and political boundaries to the limits. Germany has insisted on austerity and balanced budgets in Europe, refusing to give the ECB the authority for large-scale QE.

On the other hand, Germany can point to Southern Europe being slow to reform their economies, like removing labor market inflexibility in France and Italy.

Of course, there have been massive winners and losers since 2008. The ultra wealthy and the bankers have done incredibly well. The US and UK economies have rebounded. China too was bold after 2008 and her aggressive public sector investment saved her economy. In contrast, the Eurozone has been in a cancerous state.

I still believe that there is room for the Eurozone to belatedly offer massive stimulus to stop the cancer? Do you agree?

Thoughts?

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