Saxo Bank (Saxo Bank)
Markets  |  November 16, 2012 10:36:26

Why we need a crisis?

The crisis is painful. The crisis is needed. Due to a change of thinking. The crisis hit the most, where rampant state bureaucracy and discouraging social system. What should be done?

For the human mind changes are not easy. Unnatural for us, distort our groovy practices and behavior patterns. However, just because the crisis not only necessary, but directly necessary. And as we can see in the example of today's Western world, is also the only way of change. The currency, which is based on the real necessity and needs, not from random wishes.

It is paradoxical that the crisis we are able to make more with less benefit. We are efficient, hardworking and resourceful. Conversely, during growth, we make bad decisions and we run more risk.

This simple but true rules apply for today's Southern Europe. Spain, Portugal and Greece are young democracies that emerged from totalitarian regimes between 1973 and 1975th A for youth is characterized by preoccupation in on itself and on its own needs. Now, however, grow with it comes a greater degree of responsibility.

Besides her responsibilities adulthood brings the need to plan ahead, think of the future. Southern European countries remind me of talented young men who think only of the here and now lived wasteful way of life. Those times are gone, and the young men must grow up.

Between the emergence of the euro in 1998 and outbreak of the financial crisis in 2008, things were good, perhaps too much. Thanks to a good rating to Germany wasteful government received undeservedly low interest rates. And in a time when investors were in creditor countries - ie banks and pension funds - sufficient funds, these governments could even support the economy in times of economic adversity fiscal expansion.

Now, five years after the outbreak of the crisis, is that these states can no longer afford. Bedded in the procedure is no longer possible, it is necessary to make a change, which will help us just crisis. Must take the reins microspheres, especially small and medium enterprises (SME).

Any economy that is successful in the long term is built on those of small and medium enterprises. And it is not surprising that the world's wealthiest countries such as Sweden, Switzerland or Germany have a large share of SMEs in total economic output.The study of the European Union, which regularly deals with SMEs, shows that the so-called "rich Nordic countries" employ small and medium businesses between 63 to 66% of the working population. And during the years 2010 and 2011 formed 85% (!) Jobs. High youth unemployment and large public sector but discourages private initiatives and southern European countries must reduce their dependence on an extensive social program. This will not be easy, because to give up benefits is always difficult. Therefore, it should be accompanied by a reduction of the welfare state also reducing state contributions.

The last politician really capable of change, which I remember was Margaret Thatcher, when he in 1979 became prime minister of Great Britain. During her reign is characterized as a period of great reforms in relations with both the European Union and with the unions. Introduced dramatic changes in British society. This is all in changing the overall approach compared to previous habits that brought the UK economy to stagnation. And that explains why humanity crisis needs.

Crisis is always at least half of mental crises. If someone comes with true vision and the power to enforce it, it will be swift recovery - people are like part of something positive. However, this requires a large commitment. But it is important not to fall into temptation like refusing or protesting and have a strong will to change. And this is precisely the weakness - the will to change

Steen Jakobsen, chief economist at Saxo Bank

 Globální online investiční banka

Saxo Bank je globální investiční banka specializující se na online obchodování a investice na mezinárodních finančních trzích. Saxo Bank umožňuje soukromým investorům a institucionálním klientům obchodovat s FX, CFD, cennými papíry, futures, opcemi a dalšími deriváty a poskytuje i profesionální správu portfolia a fondů díky svým online obchodním platformám oceněným řadou různých ocenění.

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