The Great Recession Is A Product Of This Midunderstanding
Such a claim to primacy is utter foolishness! Were it not for simple-minded politicians who constantly try to assert such a primacy we would not have to suffer through the Great Recession of our time.
The German Chancellor Is An Advocat
German Chancellor Angela Merkel in May 2010 is quoted as saying “in a way, it is a struggle between politics and the markets. We must re-establish the primacy of politics over the markets.” Unfortunately, I could not immediately find a German language source for this quote.
With elected leaders like this in the Euro zone or in the USA, no wonder!
The willingnes of domestic and international investors to buy government bonds for so many years at artificially low interest rates has finally come to a reckoning. Whoever invented this convenient nonsense of secure sovereign debt?
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