QOTD: "In the good old days, Greece would simply default on its debt: the drachma would hit the floor, and everyone would go there for a cheap holiday – helping export its way to recovery. That’s how economies are supposed to work. But now, Greece is trapped within the eurozone, and being treated with German fiscal medicine. To rub salt in the wound, the bail-out has little to do with saving Greece, and far more with saving the foreign banks that foolishly loaned its government 130 billion euros.
This has, entirely understandably, reawakened old concerns about German strength. In 1997, Martin Feldstein, a Harvard academic, predicted precisely this: that the contradictions within the euro would not just lead to its collapse, but to the return of nationalism. His analysis, dismissed as fantasy at the time, looks dangerously plausible now." --Fraser Nelson
"Larwyn's Linx: Dems' hot new talking point: it’s the 'Republican Congress'"
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