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The thing that Varufakis is missing is that Greece will have to leave the Eurozone in order to survive a default. It needs to reassert the authority of the state to conduct economic planning within its jurisdiction, and, short of going all-out wartime command economy, the only way to do that in the middle of a serious industrial depression is through seigniorage.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Feb 14th, 2012 at 05:32:52 PM EST
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