New Designs on Your Cash

In an attempt to demonstrate that there is more to him than pitiless free market liberal (Those of us who could be defined this way already knew) José Manuel Barroso has come up with a new way to spend your cash.

Europe's leaders are heading for a new split over plans to create a multi-billion euro “shock absorber” fund to help regions hit by job losses caused by global competition.

Those likely to have to pay for it are not so happy, but one country in particular never sees a stupid socialist idea that it does not like.

“We support the idea of a special fund, which would be a political and financial gesture of solidarity in extraordinary cases,” said a French government spokesman.

Its detractors have some good points.

“This would be a reward for failure, for countries which fail to reform.”

It would also send out the wrong signal. Net job losses are the result of an economy that is unable to create new jobs. Jobs are lost all the time due to competition, but the resulting unemployment is caused by the dead hand of the state.