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2012-09-10

Soros om att dom inte förstod att det var ett stort steg att avskaffa den egna sedelpressen

Om man har en sedelpress går man inte i konkurs. Det var varit det till synes självklara budskapet på denna blog ett antal gånger, första gången i november 2011.

Nu har ingen mindre än George Soros tagit till orda i New York Review of Books om eurokrisen och därvid behandlat denna aspekt.

Eurokrisen är, skriver han, "the result not of a deliberate plan but of a series of policy mistakes that started when the euro was introduced." It was general knowledge that the euro was an incomplete currency—it had a central bank but did not have a treasury.

- But member countries did not realize that by giving up the right to print their own money they exposed themselves to the risk of default.

- Financial markets realized it only at the onset of the Greek crisis.

- The financial authorities did not understand the problem, let alone see a solution. So they tried to buy time. But instead of improving, the situation deteriorated.

- This was entirely due to the lack of understanding and the lack of unity.
 

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