Atlantic Community:Global Must Read Article "Merkel: "Frau Nein" on Economic Rescue"

Paul Krugman, The New York Times | December 15, 2008

German Chancellor Angela Merkel and her economic officials are standing in the way of a much-needed rescue plan for the EU's economic woes. ++ "If there is to be a rescue of the European economy, Merkel wants no part of it, telling a party meeting that ‘we're not going to participate in this senseless race for billions.'" ++ Due to its economic integration, a coordinated EU response is the best solution. ++ Merkel should reconsider her position after an Ifo report claimed that Germany "will soon be facing its worst economic crisis since the 1940s."

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Tue, Dec 30th 2008, 12:41

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Much earlier, when the US economic crises hit this portal, a couple of fables of certain realities and possibilities were posted by this author. Statistics as data collection and statistics as data interpretation are two things and represent quite a few blank areas in between. The 'locality' of statistics that make for reports, in its epistemological uncertainty, also propel and sometimes take over the better judgments of many a brilliant mind, to usher in it's sometimes self-fulfilling prophecy of 'echec' decisions that lead to financial crises - like the kinds, of which, one hit the US markets.
Statistical projections of 'probabilities' should have enabled a prevention of the US market crises. It did not. Projections of the domino-effect of financial crises - in an inter-dependent world - is useful to the extent that it can help in cauterizing and containing the crises-flow, as it were. However, it does not solve the original question of why there was a financial crises, in the first place. That is where sometimes fables may help - in correcting particular pitfalls (of factors that are taken care of, when making statistical projections of stoachistic statements, including the room for error). One is not very sure if Germany's Frau's 'Nein' is not a common-sensical 'Ja'. Just like fables that look beyond statistics or what statistics cannot capture and what the reality cannot ignore.