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>Caveat emptor, eh?<

Among professionals that is indeed the legal principle. And the other european governments are as professional or non-professional as the the german one.

 >In point of fact, they did not understand what they were signing. This is a matter of public record. Nowhere in the Eurozone was there any substantive public debate on the consequences of accession.<

But this nowhere in the eurozone includes Germany doesn't it?

>Suppose, now, that Germany was, in fact, acting in good faith. What is the good-faith response to realising that you have proposed a system that manifestly does not work?

 It is to say "oops, sorry, let's fix this." In this case, to support unconditional fiscal defence of full employment, backed by the full seigniorage power of the central bank.<

Hold on. is there a single, I repeat a single european government proposing that? You see the problem?

>No. To be "considerable," it has to bear some considerable relationship to the magnitude of the problem. Defining "considerable" as "considerable relative to what the Swabian Housewife Economists at the Bundesbank would have liked," by contrast, is moving the goalposts.<

That is not what I said. Considerable compared to all other G8 countries, including the US and considerable measured in gdp.

 >I am noting that under current treaty arrangements they have no power to overrule an obstructionist German position.<

Of course they can. Theres is no German veto not shared with any other Eu country. In every majority voting case, there is a possibility to out-vote Germany. And at the ECB, the center of your complaints, is is really easy to outvote two german members on the council.

 >The US Fed/Treasury are doing an almost reasonable job of fighting their recession.<

Nonsense. The stimulus was much to small. But even you can't refashion republicans or moderate democrats into german agents, so you rather paint a rosy picture.

 >I am not postulating a German conspiracy. I am noting that Germany has been peddling toxic economic Lysenkoism to the rest of Europe for four solid decades now.<

In other words, you are postulating a conspiracy. And I thought blaming les anglo saxons is simple minded.

 >The fact that the Swabian Housewife Economists believe in the bullshit they peddle is not an excuse, any more than being a fervent believer in homeopathy is an excuse for pretending that it can cure disease. Nor is the fact that the rest of Europe believes it as well.<

But a fact; a fact you tend to ignore in preferment to your nationalistic narrative.

by IM on Sat Feb 18th, 2012 at 11:51:05 AM EST
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