It has to get worse before it can get better

This is actually a comment made at Early Warning about the current Eurozone crisis. Any number of people, too numerous to mention, believe that the situation there (or here? We’re not part of the Euro, but are economies connect closely) is a slowly unfolding train wreck, but that as so often elsewhere, the politicians don’t fully understand the problem, and/or institutional inertia prevents effective action. And this will continue until the problem becomes so bad that pretending the problem will go away if we talk a lot is demonstrated to be wrong by reality rather than just careful analysis.

Which is just like GW. Doing something about GW will cost money, and will upset powerful interests, and the effects are in the future and aren’t clearly understood, and “why don’t we just quietly do not very much for a while” is so much easier. By contrast, the Eurozone problems are about as acute as they can possibly get without being completely fatal, and yet people are still flailing.

Refs

* Looks like Reiner Grundmann reads stoat