EMU:s Ja-sägare förorsakar Världsdepression

- Världsekonomin är nära en ny depression, och om en sådan utveckling blir verklighet beror det främst på en misslyckad politik. 
Paul Krugman i New York Times med anledning av helgens G20-möte i Toronto.

- The Third Depression

You might have expected policy makers to realize that they haven’t yet done enough to promote recovery. 
But no: over the last few months there has been a stunning resurgence of hard-money and balanced-budget orthodoxy

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- Why the wrong turn in policy? The hard-liners often invoke the troubles facing Greece and other nations around the edges of Europe to justify their actions.

Här har vi kopplingen mellan EMU och den kommande Väldsdeoressionen.

Hellre än att erkänna att Euro-krisen beror på att EMU är feltänkt från början klamrar sig EMU-anhängarna sig fast vid ståndpunkten att krisen beror på för stora underskott i statsfinanserna.

Det är naturligtvis summan av statsskuld och privat skuld som år ett problem.

Only a closer union can save the eurozone
I am aware that, at a time of rising nationalism and regionalism throughout the EU, there is no consensus for such sweeping reforms
Wolfgang Münchau, FT, June 27 2010 19:52

Han anser att You might think that Europe’s policy elites cannot be so stupid as to commit themselves to stress tests without a resolution strategy up their sleeves. But I am afraid they probably are. Europe’s political leaders and their economic advisers are, for the most part, financially illiterate.

- I am aware that, at a time of rising nationalism and regionalism throughout the EU, there is no consensus for such sweeping reforms. But that is the choice the EU’s citizens and their political leaders will have to make – a choice between reverting to dysfunctional and, as it transpires, insolvent nation states, or jumping to a political and economic union.

Ett nytt Romar-rike således