Yannos Papantoniou After years of crisis, European Union leaders must recover the capacity, displayed by the EU's founders, to look ahead. Specifically, they should introduce a mechanism for fiscal transfers from stronger to weaker economies. But this process has not occurred, and, as the interminable Greek crisis has shown, the eurozone remains rife with structural weaknesses and extremely vulnerable to internal shocks. This is clearly not sustainable.
Recently by Gary North: On Becoming a Political Player If you have seen the stage version of Peter Pan, you know the scene in which the audience is asked to clap if they want Tinker Bell to live.
She did her best to explain why the eurozone is in crisis. She began with what should be obvious to the financial markets by now.
By entering into the eurozone, the politicians surrendered control over the money supply. The problem is not that politicians surrendered control over the money supply. It is that they surrendered it to the European Central Bank.
They should have surrendered it to the free market. The politicians of Europe asserted control over the international money market inwhen they abandoned the international gold standard. They set the precedent. Everything that has followed has been one fiat money crisis after another.
But only Austrian School economists teach this. In Europe, bureaucratic control over money has run the show ever since The economy is now beyond the control of national governments, and therefore outside the remit of democratic politics.
It has become truly global, and thus a law unto itself; nation states have gone broke in their attempt to feed its gargantuan appetites for consumption and debt. The losses must now be parceled out. The losses are in the past. They cannot be avoided.
They can only be postponed by covering them up. In short, the eurozone must do what the Greek government did before Thus, the bailouts continue.
The remedies for this began in panic and are now ending in delusion: International funding agencies which get their cash from — where?
From central banks which will have to print gigantic amounts of money to replace all the money that simply disappeared in the bad debt that bankrupted the banks in the first place.A British withdrawal from the EU would also change the EU and European politics, adding to already transformative changes unleashed by the Eurozone’s struggles.
Latest Analysis News Greece’s 15 minutes of fame may be gone, but its ordeal is far from over. Greek fraud reads like a crime novel. News and commentary on political events. Home; yet apparently lost on Greek and EU politicians as well as eurozone supporters: that there is no realistic way to get around have essentially limited withdrawals to an average of 60 euros per day–having changed during this period from a daily withdrawal limit, to weekly, to.
Janet Daley wrote a provocative essay in London’s The Telegraph on the day before the Greek election (June 16). She did her best to explain why the eurozone is in crisis. She did her best to explain why the eurozone is in crisis. Essay on Impact of Eurozone Crisis on India Causes of Eurozone Crisis and its Impact on India Causes of Eurozone Crisis: What started as a debt crisis in Greek in late has evolved into a broader economic and political crisis in the Eurozone and European Union (EU).
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