Project for Philosophical Evaluations of the Economy |
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Sometimes it is reasonable to be stubborn
Dialog with the Alter Ego on the resurgence of the EURO debt crisis, first drafted on Dec. 2,
published on Dec. 3, 2010
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Question by Alter Ego of Noah denkt™ (AE): How does Noah denkt™ feel about the second wave of bail-out
needs in the EURO-zone countries?
Answer by Noah denkt™ (Nd): Obviously, we are disappointed by the fact that this issue has resurfaced.
AE: So would you be prepared to accept that your earlier stance on the EURO which claimed that its introduction
at the time was justified and that the current debt crisis would therefore sort itself out without being a major
obstacle to world growth was wrong.
Nd: Well, we haven’t given up hope yet, even though we have to admit that the arrival of a new normal is taking
much longer than we anticipated.
AE: What makes you cling on to your bullish position?
Nd: They are very much the same arguments that we have already presented six months ago. (i.e. Spain’s
success in Latin America, elected politicians living up to their task, tremendous growth in Asia, continuous
productivity gains through innovation and the general superiority of free market rationale)
AE: And you don’t think that the resolve of EU countries to defend the EURO even in the face of a possible bail-
out for Spain may have diminished?
Nd: It’s probably wise to suspect that all pro-EURO-campaigners have lost some of their steam. But since there is
no viable alternative to keeping the EURO we trust that there will be enough resilience left to deal with the debt
crisis effectively.
AE: Doesn’t common sense suggest that the opposite will be true? Should we not presume that the sad facts on
the ground which so much contradict all wishful thinking will eventually impose themselves, and force EU leaders
into accepting defeat?
Nd: Well, sometimes, you have to be stubborn and stick to your guns even if there is a seemingly overwhelming
amount of evidence and opposition piled up against you.
AE: How can it ever be reasonable to be stubborn?
Nd: Because consistency may demand that you hang in there even if it appears to be futile to do so.
AE: But consistency isn’t a value in and out of itself. It is so only if it is married to an overall a position which is
based on a very reasonable interpretation of reality.
Nd: Exactly. That is precisely why we argue that there is no higher value in times of rapidly changing perceptions
than that of holding your ground even if passing circumstances suggest that you should do otherwise.
AE: Well, such arguments have led the Catholic Church to acknowledge with a five hundred year delay that
Galileo Galilee after all got it right.
Nd: It’s true that stubbornness and consistency can lead to dramatic errors. But so does opportunism. That’s why
you can’t be consistent all the time. And that’s why you should not be opportunistic most of the time.
AE: But how do you know when it’s right to lean towards this or that position?
Nd: Well, the honesty of your faith in your basic philosophy will have to tell you that.
Dialog with the Alter Ego on the resurgence of the EURO debt crisis, first drafted on Dec. 2,
published on Dec. 3, 2010
--------------------------------------------------------------------------------------------------------------------------------------
Question by Alter Ego of Noah denkt™ (AE): How does Noah denkt™ feel about the second wave of bail-out
needs in the EURO-zone countries?
Answer by Noah denkt™ (Nd): Obviously, we are disappointed by the fact that this issue has resurfaced.
AE: So would you be prepared to accept that your earlier stance on the EURO which claimed that its introduction
at the time was justified and that the current debt crisis would therefore sort itself out without being a major
obstacle to world growth was wrong.
Nd: Well, we haven’t given up hope yet, even though we have to admit that the arrival of a new normal is taking
much longer than we anticipated.
AE: What makes you cling on to your bullish position?
Nd: They are very much the same arguments that we have already presented six months ago. (i.e. Spain’s
success in Latin America, elected politicians living up to their task, tremendous growth in Asia, continuous
productivity gains through innovation and the general superiority of free market rationale)
AE: And you don’t think that the resolve of EU countries to defend the EURO even in the face of a possible bail-
out for Spain may have diminished?
Nd: It’s probably wise to suspect that all pro-EURO-campaigners have lost some of their steam. But since there is
no viable alternative to keeping the EURO we trust that there will be enough resilience left to deal with the debt
crisis effectively.
AE: Doesn’t common sense suggest that the opposite will be true? Should we not presume that the sad facts on
the ground which so much contradict all wishful thinking will eventually impose themselves, and force EU leaders
into accepting defeat?
Nd: Well, sometimes, you have to be stubborn and stick to your guns even if there is a seemingly overwhelming
amount of evidence and opposition piled up against you.
AE: How can it ever be reasonable to be stubborn?
Nd: Because consistency may demand that you hang in there even if it appears to be futile to do so.
AE: But consistency isn’t a value in and out of itself. It is so only if it is married to an overall a position which is
based on a very reasonable interpretation of reality.
Nd: Exactly. That is precisely why we argue that there is no higher value in times of rapidly changing perceptions
than that of holding your ground even if passing circumstances suggest that you should do otherwise.
AE: Well, such arguments have led the Catholic Church to acknowledge with a five hundred year delay that
Galileo Galilee after all got it right.
Nd: It’s true that stubbornness and consistency can lead to dramatic errors. But so does opportunism. That’s why
you can’t be consistent all the time. And that’s why you should not be opportunistic most of the time.
AE: But how do you know when it’s right to lean towards this or that position?
Nd: Well, the honesty of your faith in your basic philosophy will have to tell you that.
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| Keywords: the future of the EURO, defending the EURO, feasibility of the EURO, success of the EURO, the introduction of the EURO currency, the EURO experiment, in favor of the EURO currency, rescuing the EURO currency, |