Re:Yanis Varoufakis: The Euro Has Never Been More Problemati...
by JumpCrisscross on Tuesday December 25, 2018 @06:27PM
(#18759616)
He’s a pop icon more than an economist these days. He understands his market/base and pitches to them. Framed as an entertainer, he does well.
The Euro’s design balances Germany’s paranoia surrounding inflation with the South’s preference for rebalancing its economies though devaluation. With the benefit of hindsight, a terrific compromise wasn’t found. Obvious fixes, which include a Eurozone FDIC analogue and a European fiscal authority for basic social services like unemployment insurance and housing subsidies, are opposed by pretty much every country’s politicians. (The rich because they don’t want to subsidise the poor, but do want to keep selling to them on credit. The poor because they don’t want to lose their jobs to a unified entity in Brussels.)
The Euro’s design balances Germany’s paranoia surrounding inflation with the South’s preference for rebalancing its economies though devaluation. With the benefit of hindsight, a terrific compromise wasn’t found. Obvious fixes, which include a Eurozone FDIC analogue and a European fiscal authority for basic social services like unemployment insurance and housing subsidies, are opposed by pretty much every country’s politicians. (The rich because they don’t want to subsidise the poor, but do want to keep selling to them on credit. The poor because they don’t want to lose their jobs to a unified entity in Brussels.)