When you say "entrepreneurs" you must be thinking of the L'Oreal or Hilton heirs. I see lots of heavily indebted entrepreneurs in Europe taking on big personal risk, both financially and in terms of career risk. European entrepreneurs rely on bank loans much more than the typical U.S business. There's very little equity in many small businesses.
Enrepreneurs who are now wealthy often had to struggle for many years in poverty without much social security before they achieved that kind of success. Many fail as well. I think you're mixing up entrepreneurs and big corporations. Big corporations can absorb or avoid paying taxes in any particular country, but entrepreneurs often can't.
I do agree with you that monetary policy should be counter cyclical and it is. The ECB has tripled its balance sheet since 2007 and it has lowered interest rates to 0.75%, which is way below CPI. I agree that they should have been even more aggressive but there's a political reality as well.
Monetary policy is not the issue here. The problem is counter cyclical fiscal policy. It has to stand on both legs. If you don't run a surplus in boom times you're not going to be able to spend enough during downturns.
But our political systems seem to be structually pro cyclical. During boom times, the right wants to cut taxes or fund wars and the left wants to extend benefits. Nobody wants to run a surplus and pay down debt.
Enrepreneurs who are now wealthy often had to struggle for many years in poverty without much social security before they achieved that kind of success. Many fail as well. I think you're mixing up entrepreneurs and big corporations. Big corporations can absorb or avoid paying taxes in any particular country, but entrepreneurs often can't.
I do agree with you that monetary policy should be counter cyclical and it is. The ECB has tripled its balance sheet since 2007 and it has lowered interest rates to 0.75%, which is way below CPI. I agree that they should have been even more aggressive but there's a political reality as well.
Monetary policy is not the issue here. The problem is counter cyclical fiscal policy. It has to stand on both legs. If you don't run a surplus in boom times you're not going to be able to spend enough during downturns.
But our political systems seem to be structually pro cyclical. During boom times, the right wants to cut taxes or fund wars and the left wants to extend benefits. Nobody wants to run a surplus and pay down debt.