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Giant Communist Robot wrote:Deficit spending in the U.S. vs. austerity in the EMU---we'll see how this works out.
Giant Communist Robot wrote:I see Fitch has downgraded Greece to a C, which is the lowest possible rating above default. How long did it take them to figure this one out?
The EU needs to let Greece default. Although what happens then is unclear.
Giant Communist Robot wrote: Over the last couple of years the U.S. has grown while the EU has vacillated and then declined. This suggests we don't need the EU much in order to grow. I do wonder about the export situation, though. Implosion of the EMU could be unlikely, but they could be looking at a lengthy period of languid recovery. To me it looks like it will be worse over there than it has been here.
Remember not so many years ago when the newspapers were all trumpeting the ascendancy of the EU economy and the decline of the USA?
It was always my understanding that banks were supposed to be conservative institutions that did not wildly speculate
Giant Communist Robot wrote:Certainly the EMU has glaring structural problems.
The whole problem of explaining the present is so nettlesome that the European Union’s “House of European History” museum decided to omit the mention of World War 2 altogether by the simple expedient of declaring 1946 the Year Zero for European history. “It celebrates the creation of the EU with barely a nod to the crisis raging all around. France’s recent history is marked by a picture of the Tour de France, and Germany’s by the famous Berlin address by Barack Obama in 2008.”
Farcically, it’s been decided to omit any exhibit on which agreement cannot be reached. And because of their differing views about World War II, the museum will begin with an EU ‘year zero’ of 1946.
But of the unpleasantness of 1939-1945 it will only say that there was an event called the “European Civil War”, which presumably was fixed by the European Union, without the slightest input from things called the United States, the former Soviet Union, China and the Empire of Japan.
Yet these absurd naming conventions are only further signs that the Narrative is now developing yawning gaps. For the current world crisis, like almost every other crisis is caused as much by what went right in the last 70 years as what went wrong. And the problem with the Narrative is that what should have gone wrong went right and what ought to have gone right went wrong.
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