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# he prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union),

No QE?

# the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union),

Banks should get no tax payer guarantees?

# the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union),

Banks and funds should get a haircut.

# the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and

All governments have followed this, including Ireland and Spain. All have paid off their debts for 10-20 yrs. Ireland was only 2 yrs ago practically debt free.

# the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).

Here is the key. In neoliberalism "growth" does not mean "wealth creation." It means credit creation. And wealth distribution by asset price inflation.

by kjr63 on Mon Apr 11th, 2011 at 08:38:43 PM EST
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