Posted on 03/11/2015 10:10:41 AM PDT by Olog-hai
In an interview with Spiegel, celebrated French economist Thomas Piketty speaks about Alexis Tsipras’ election victory in Greece, Europe’s inability to fix its financial woes and what EU leaders can learn from the United States. […]
“We may have a common currency for 19 countries, but each of these countries has a different tax system, and fiscal policy was never harmonized in Europe. It can’t work. In creating the eurozone, we have created a monster.” […]
“We need a fiscal union and a harmonization of budgets. We need a common debt repayment fund for the eurozone, like the one proposed by the German Council of Economic Experts, for example. Each country would remain responsible for repaying its portion of the total debt. In other words, the Germans would not have to pay off the Italians’ old debts, and vice-versa. But there would be a common interest rate for euro bonds, which would be used to refinance the debt.” …
(Excerpt) Read more at spiegel.de ...
The final takeover of what, 19 European nations?
I think he has a point, in that if you want to keep a common currency, you have to have a common economic controlling entity. It’s either that or break up the Eurozone. But what they’re doing now simply isn’t working.
If the Euros were smart, they would elect a black guy as president of the EU. That way they can insulate themselves from any criticism or accountability.
No, because what he’s proposing is the Fed on steroids.
That’s how many are in the eurozone, yes.
Even with Obama’s depredations, the USA is not so centralized as what Piketty suggests the eurozone do.
Same thing happening here with the States. The federal gov’t is involved in things that the constitution doesn’t provide for, like education for example. They tax all citizens so heavily that States become dependent upon the Federal gov’t to subsidise it, which they do as long as its mandates are followed. That’s why some States didn’t expand Medicaid, the Fed gov’t promised to pay for most of it but that promise can be broken.
They’re already more insulated from criticism or accountability than Obama is, believe it or not. Their unelected executive body had both legislative and executive power from the start, while the elected parliament has no power to write a single law.
He’s the guy the progressives are gushing over calling massive wealth redistribution healthy.
Or a Muslim, a black Muslim!
Camel’s nose — meet tent.
That’s the one. He repeats all the talking points the US Dems are currently spouting, as well, although applying them to the EU.
Obama is going full speed ahead, but none of this could have happened if the Federal income tax and it being taken from paychecks had never passed.
Ein volk! Ein Reich! Ein Fuhrer!
Apart from basic mismanagement, almost every large fiscal and monetary problem Europe and the US is facing can be traced directly back to Progressive policies or influence.
Calvin Coolidge we are not.
“I think he has a point, in that if you want to keep a common currency, you have to have a common economic controlling entity. It’s either that or break up the Eurozone. But what they’re doing now simply isn’t working.”
I remember when the EU was set up, I was in Italy visiting a friend who is an Italian banker. He told me then that it would never work because there were too many Southern European countries like his own who were Socialist nightmares that would never get their financial houses in order and would, therefore be a drag on the more productive Northern European countries. Sounds prophetic to me at this juncture.
From its founding in 1957, the Common Market member nations have feared the need to subsidize weaker, poorer nations.
Germany, France, Italy, Netherlands, Belgium and Luxemburg were the first six members.
Now nearly 60 years later, their early fears are fully realized.
Bottom line: The worker in wealthy and well managed Germany deeply resents having only six weeks of paid time off, in order for the Greek workers to have 10 weeks. *numbers for illustration purposes, not actual.
They’re going to pass a 17th amendment and destroy what they’ve tried to build.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.