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The eurozone faces calamity


Greece is a democracy. Spain is a democracy. Italy is a democracy. France, the world’s fifth-largest economy and one of the most powerful countries on earth, is a democracy. Are all these countries, their electorates supplicant, their future politicians content, really going to subscribe to and live under, for decades to come, a system based on Berlin telling them how much they can borrow and spend? The ghosts of 20th century history loom large. Post-Weimar Germany was so traumatized by spiraling inflation that the country’s entire political culture remains deeply affected to this day. Central banks aren’t meant to dish-out free money to governments that have spent themselves into insolvency. If Germany gives eurozone QE the nod, and accepts a full-on ECB debt monetization, in return a German-directed fiscal union will be created, with powers to raise taxes, make large-scale transfers between countries and issue joint eurobonds. This will, as Nigel Farage rightly puts it, then be a Germany-dominated EU. Anyone who thinks that such a situation is sustainable needs to examine not only a few history books, but also their conscience. Suppose, we indeed wake up to a Germany-dominated tomorrow. How long before southern European leaders start routinely blaming “the Germans” for domestic woes? How long before new, more extreme politicians come to the fore, pandering to base human prejudice? How long before a system that’s supposed to promote free trade and European co-operation

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2 Responses to "The eurozone faces calamity"

  1. BritAU2TH says:
    @Sp1kerPistol – “Own agenda”?…he represents millions of Britains who are ignored by a dictatorship mainstream government…He isn’t on any personal quest for power. He left party politics and was begged to return´╗┐ to UKIP for the good of millions of like minded people. He’s the last decent honest polititian left
  2. Sp1kerPistol says:
    It’s quite obvious that this Nigel Farage´╗┐ guy has his own agenda and is on his own quest for power in the UK.

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