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Samizdata quote of the day Likewise, in terms of domestic European politics, giving in to far-left Syriza would certainly strengthen economic illiterates in popular anti-euro parties like Italy’s Five-Star Movement, and Spain’s Podemos, the last thing Merkel desires. The euro itself hasn’t been particularly troubled by the crisis, with Italian and French bond yields holding steady. Surely, as some have reported, Merkel is right to think that now is the time to sever the weakest link.
– John Hulsman
I LOL’ed.
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I do not see any chance of real reform in a country like Greece.
In the past one could have a common currency WITHOUT “fiscal union” or anything like that – as a currency was a physical commodity (such as gold or silver), it was not a POLITICAL thing.
However, now currencies are entirely “fiat” – entirely political (they are nothing else but the manifestation of politics).
Therefore the Chancellor of Germany feels (rightly or wrongly) that she can not allow a country like Greece to go bankrupt whilst it uses the same currency as Germany.
Well fair enough – let Greece fall apart economically (which is inevitable) whilst using its own political currency – by the way having its own political currency will NOT save Greece.
Germany had very serious problems of its own – it can not possibly prop up Greece, Italy, France, Spain, Portugal and other hopeless cases.
Anything that hastens the end of the EU cannot be bad.
The PIGS come out to play.
Those Germans sure are hard to please! 80 years ago, they wanted a European union centered on Berlin. Now that they’ve got just that, they don’t want it! What is wrong with them?
Nick,
They have to give money to the PIGS to buy their surplus production and now they’re the Big Brudder or rich uncle of Europe along with the Hollow One fucking the Seppo economy there’s no rainbows and unicorns only uncertainty and discontent with constant demand for largesse.
Remember Jesus might love you but everyone else thinks you’re cunt, especially when you’re a world leader.
Nick:
The Short answer is 80 years ago they were going to plunder Europe to pay for it. Now Europe wishes to plunder Germany to pay for it.
I still think the Germans are just hard to please!
And, if Greece goes, will the other countries? Can Ireland be far behind? Will the EU go back to the original 6 as the core Eurozone? And will the British pound get some traction as a world currency?