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Since the Eurozone was created with a central bank uninterested in doing its first job, unwilling to do its second, and in any event without a Eurozone fiscal authority for it to accommodate ...

At least it has an excuse for one out of three! The USA had all three forty years ago but has lost all three to "intellectual" and regulatory capture, though it has, on paper, ample authority do do all that is needed. The problem is that, even if the EU pursued fiscal union, given the attitudes that prevail, the ECB might still fail or refuse to do all three and even be applauded for those acts of incompetence and incapacity. Geithner did not face any real heat for having denied that he was ever a regulator, (undisputed truth), after all, even though it is equally a part of his former and current job description.

The problem is deeper than statutory limitations or requirements. It doesn't seem to matter what the law says. The pirates are in control.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun May 8th, 2011 at 09:20:40 PM EST
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