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You say "And it might even give a political opening for a fracturing into a northern hard and a southern weak Euro. Feel free to imagine the consequences."

I do imagine the consequences. A deutschmark zone, immediately revalued upwards relative to other national currencies, the countries enjoying the later becoming competitive overnight on export markets and, more importantly, relative to internal demand, and the countries adhering to the strict Austrian school rules governing the deutschmark zone finding the exports, in particular to European trading partners, less competitive overnight.

Germany and its zone (don't even get me started on the Swedes) have been playing beggar-thy-neighbor ever since the crisis began in 2008. It's time for that to stop.

The Hun is always either at your throat or at your feet. Winston Churchill

by r------ on Tue Feb 14th, 2012 at 05:06:13 AM EST
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