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40 – Where Political Fallacies Begin (22 Oct 2012)

The two subjects that hold European policymakers and the more serious part of the American electorate currently in suspense offer perfect and dismal examples of delusion because accompanying stories – where the euro crisis came from and President Obama’s track record – have been given the wrong beginning. For North Europeans relying on mainstream media, the story of the euro crisis never had a beginning anywhere close to where it should have been. This deficiency was mostly due to another political phenomenon deserving more scrutiny than it receives: When governments or other institutions with authority are faced with an unpalatable subject, prompting questions that may spell deep trouble for them, they change the subject hoping that no one will notice. That is what Angela Merkel did when the credit crisis of 2008 revealed that German banks had swallowed so much of the toxic assets created by their American counterparts that this had in effect killed them. But in Merkel’s story the crisis began with a lazy Greek population, consisting of lots of tax evaders and overpaid officials who took too many holidays. The French and the Dutch authorities were similarly embarrassed with the factual bankruptcy of their banks,...

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