Media coverage of the financial crisis
Today my newspaper headlined with a phrase best translated as "Withdraw cash from ATM machines while you can!". This is bad for three reasons:
- The phrasing scares people
- It is bound to deepen the problem, by encouraging people to withdraw money and worsen the liquidity of the banks.
- It is quite pointless to withdraw (large amounts of) money. If our banks go bankrupt (and if one goes, they'll all go), the value of money becomes questionable. After a few days, it probably will not be worth anything anymore. If you are worried, start hoarding food and water. You can't eat euros.
The Italian 'democracy'
Last June, the Italian senate passed a new law that postpones all legal proceedings concerning crimes that were committed before June 30th, 2002 and that are punishable by less than 10 years in prison. This law served only one purpose: to keep the Italian prime minister Berlusconi out of prison for another year. The fact that the law was proposed is ridiculous in itself. The fact that is was passed makes the Italian democracy the laughing stock of the EU.
However, things get even worse. The Italian parliament has now proposed a new law granting full immunity to certain ranks of government officials during their period of service. People criticize the US for the way their democracy operates, but this is far, far worse. Montesquieu anyone?
People wonder why the Irish voted against the European Union. With countries like Italy, Poland and Bulgaria, I think we should wonder who would vote for allowing these countries to have any say in our business.
However, things get even worse. The Italian parliament has now proposed a new law granting full immunity to certain ranks of government officials during their period of service. People criticize the US for the way their democracy operates, but this is far, far worse. Montesquieu anyone?
People wonder why the Irish voted against the European Union. With countries like Italy, Poland and Bulgaria, I think we should wonder who would vote for allowing these countries to have any say in our business.