Tuesday, June 28, 2016

Sorkin and Summers on the Impending EU Breakup

Andrew Ross Sorkin and Larry Summers were opining today on CNBC about further unraveling of the European Union.  Neither seem to have a clue why the EU is unraveling.  Summers uses the euphism "nativism," to describe one of the primary emotions behind the "breakup" sentiment.  Sorkin and Summers fall into the camp of believing that average citizens should continue to suffer their declining living standards in silence.

Sorkin and Summers will never be unemployed. They will likely never suffer a decline in their personal income or wealth.  They live in a world completely and totally divorced from the world that everyday westerners have to deal with.  Sorkin and Summers are both wealthy and elite.  So, from their perch, the desire by the Brits, the Italians, the Dutch, the French to escape the EU seems irrational and primitive.  Surely, Sorkin and Summers don't want their wonderful world to break up.  They are doing great.

Sorkin and Summers throw polemical brickbats at the working class Brits who voted this week to escape the EU.  They can't understand why ordinary folks can't simply keep quiet, as their economic well being sinks into the quagmire.

Neither Sorkin or Summers has any respect for free markets.  They both think that the answer to the EU's economic woes is more government regulation, more government spending, higher taxes, and higher pay for bureaucrats (and more of them).

This is an unbridgeable divide.  Wealthy plutocrats like Sorkin and Summers echo the Marie Antoinette philosophy of "let them eat cake."  Dealing with the very real economic woes that ordinary folks have to deal with every single day is remote from the Sorkin-Summers world.

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