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Post by robeiae on Feb 17, 2017 9:20:30 GMT -5
www.ft.com/content/d78f73a0-f1d2-11e6-95ee-f14e55513608 The article also points out the potential political backlash in other Eurozone members as it dawns on their populace that they're footing the bill the Greek government's continued existence. How long will this arrangement continue?
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Post by Amadan on Feb 17, 2017 10:52:13 GMT -5
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Post by michaelw on Feb 17, 2017 21:49:30 GMT -5
It's almost two years old now, but this is still the most sensible analysis of the Greek problem I've seen: professorwerner.wordpress.com/2015/07/10/hallo-welt/Basically, Greece is going to stay in the Eurozone, even though it would be better for them if they didn't.
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Post by Don on Feb 18, 2017 7:34:37 GMT -5
From Michael's link: In the long run, the Euro and the fiat Dollar have the same future ahead of them. There are some simple, basic economic truths that this author lays out, in detail, in the longer quote below. The problems with the Euro and the fiat Dollar aren't opinions. They're economic birds that will come home to roost, sooner or later, around the world... and it won't be pretty when they crap their nests.
Sadly, Professor Werner omits two major points:
1) The economies of California and Mississippi are as diverse as those of Germany and Greece; only a hundred-plus years of history blind most people to the impact a central, fiat currency has had on the various sub-economies of the US.
2) The "monetary policy" he praises as a tool for the politician is in fact a political tool that can only distort, not create, a robust economy. Place money creation in the hands of the politicians, and sooner or later, you get politicized money, not economic money. The bolded bit in the quote above highlights that fact.
Now, about that structural problem with the Euro...
But politicians just knew they could legislate basic economic truths out of existence.
Hubris, much?
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