european economic and monetary union

Former Central Bank Head Karl Otto Pöhl says bailout plan is all about ‘rescuing banks and rich Greeks’

From “Bailout Plan Is All About ‘Rescuing Banks and Rich Greeks’“, Der Spiegel, 18 May 2010 — Red emphasis added. SPIEGEL: What do you think will happen? Pöhl: The euro has already sunk in value against a whole list of other currencies. This trend could continue, because what we have basically done is guarantee a long …

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The hidden key to understanding Europe’s crisis – and ours

Summary:   The response by major national governments to the Greek crisis is rational, and inevitable.  It has nothing to do with Greece, and everything to do with these government’s own debts and deficits.  This is the key to understanding the crisis. {Trantor’s} dependence upon the outer worlds for good made it increasingly vulnerable … and Imperial …

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About the Euro crisis: the experts are wrong; the German people are right.

The great and wise tell us that the European unification project — of which the Euro is now center state — is good.  And the foolish German people are short-sighted and foolish to oppose aid to Greece that’s necessary to preserve it.  They’re wrong.  The German people are right. From Eurointelligence’s coverage of the crisis: “The …

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The periphery of Europe – a flashpoint to the global economy

Introduction:  This is the fourth in a series of dashed off speculative opinions.  Normal procedure on the FM website for these topics would be 3 thousand word posts, supported by dozens of links.  I dont’ have the time to finish them, and too many of these outlines have accumulated in my drafts file.  Perhaps these will spark useful debate …

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Can the European Monetary Union survive the next recession?

“Europe will be forged in crises, and will be the sum of the solutions adopted for those crises.” — Jean Monnet in his Memoirs (1978). He was one of the architect of the program to unite Europe (see his Wikipedia bio) Rule #1:  even big things die.  Geopolitical analysts too often assume the permanence of …

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