The Biggest Eurofudge Yet?
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  • Mrs. Davis

    can a one-size-fits-all currency solution actually work in a continent so culturally diverse?

    The problem is not cultural diversity. We have that in the US. The problem is having capital mobile when labor is not. This is the internal contradiction which causes the problem for the Euro.

    And with so many mortgages underwater and standards for new mortgages so tight, we now have less mobile labor. Until we let housing prices go to fair market value and find a way to let those underwater escape, we will face problems.

  • Kenny

    No offense inteneded here, Mr. Mead, but it is hard to believe that it took you a weekend to conclude that “Europe once again has a fudge and not a fix.”

    Good grief, man; that was a given.

  • Pity Europe won’t let Natural Selection work its wonders. Arguably the only way out of this. But that has to do with decisions, consequences, ramifications and the strong and adaptable succeeding and the rest failing.

    By choosing anything other than Natural Selection, Europe only guarantees more of the behavior that caused this mess, and less of the behavior that A) didn’t cause it and, B) is required to save from expiration those whose choices were sub-optimal.

    It’s like had the Anglosphere chosen natural selection in 1914, one can argue the following changes to the 20th Century: Strong Germany at Russia’s west – no USSR, a less-abrupt end to the Ottoman Empire (with inarguably different results for today’s muslims), no WW2 ETO, No Red China, No Cuba, Angola, Neecaurawgwa, no Korean War, no Vietnam War (French or American experiences), and, had Germany in 1914 taken France, no hiding place for Khomenei and no current Iran or search for an Iranian nuke…

    Rather than loaning money to countries (forein aid, IMF or otherwise, America would just say – look, here’s our Constitution; follow it and you, too, might berich one day.

    But nope. We have to contiunue to meddle.

    Just let Darwin work it out, OK? If a country can’t compete because its government and/or citizens don’t want to (expressed in not adopting governing documents that create freedom and individual rights and free markets), then they need to go belly-up and new governments take their places. And if nations can’t or won’t defend themselves… too bad. If they won’t, why should America’s sons and daughters?

    Lack of Darwin gave the world the bloodiest century in history. Let’s try Darwin this time, OK?

  • a nissen

    LOL
    “Whenever possible, I try to do more than express my cultural conditioning and ideological predispositions in expository form when called on for an opinion; it isn’t always easy, but the struggle is worthwhile. Last Friday, my bred in the bone Anglo-Saxon skepticism about those dodgy Europeans was ready to call the agreement DOA, but over the years I’ve learned to the importance of holding that skepticism in check until I’ve thought things over. I’m not a running a hedge fund; I don’t need to be the first guy in town to pull the trigger on an idea.

    So I’ve reflected over the weekend,…”

    WRM: Even though you provide a good laugh here, that you even attempt what you describe is what keeps me coming back!

    I do recommend striking the “whenever possible” because it’s exactly when things seems extra obvious, that the biggest errors come to pass.

    Divergent thinking is far too important to be left to the left handed, and even that statement needs considerable thought, considering the recent preponderance in the U.S. of left-handed or ambidextrous Presidential candidates, successful and not. http://en.wikipedia.org/wiki/Left-handedness

  • Colyss

    @ Mrs. Davis
    “The problem is not cultural diversity. We have that in the US.”

    We don’t really. Foreigners come here with their brightly colored clothes, their strange customs, and their delicious indigenous foods. The natives here frolic in delight at the pretty clothes, celebrate the curious customs, and revel in the new additions to the American cook books. The foreigners begin quickly, or more slowly, to speak English, sidle into Protestantized religions of all faith, adopt Anglo-American ways of entertainment and music and government. Within a generation or two, they are fully Anglicized, whatever their ancestors’ country of origin. America is overall an Anglo nation, with a unique English heritage, English language, and most importantly English governmental character. The parts that are diverse are superficial and not important enough to balkanize the country and undermine its essential character. For that we can all be grateful.

    The problem for the Europeans is they can’t claim a similar boon since 800 AD, and probably not even then.

    BTW does anyone know if Bavaria still refers to itself as Freistaat Bayern?

  • Corlyss

    “It would be rash to say that the Europeans won’t someday get the euro right; there is a lot of political will behind this project,”

    Perhaps it would be more accurate to say there’s a lot of rhetoric behind the project. Don’t know how it could express any will other than that of Eurocrats who talk only to other Eurocrats in their EU echo chamber. The politicians are too frightened to hold referenda because they know the vote would go against them. If the money that’s being thrown at the delinquents isn’t enough to buy a solution, maybe there’s nothing really to save.

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