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But even if that were not the case, the €-Mark, as currently constituted, would not be viable.

Of course, absent neoliberal brain rot, nobody would have thought that a currency union could work without fiscal integration.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Aug 16th, 2011 at 03:43:10 PM EST
[ Parent ]
Of course:

the €-Mark, as currently constituted, would not be viable.

It doesn't matter if the debts are measured in Euros, DMs, Pesos, or the soon to be offered New Mexico Tamale.  If the people who owe the money can't make money to pay it off, they don't have the money to pay it off, thus, they can't pay it off.  

Maybe I'm the dumbest m/f'er on the planet, but this seems Real Simple.  To me.  

Skepticism is the first step on the road to truth. -- Denis Diderot

by ATinNM on Wed Aug 17th, 2011 at 12:51:33 PM EST
[ Parent ]