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The problem with that plan is that the only wage adjustment that will allow the periphery to compete without dragging the whole Eurozone into permanent depression is for German wages to rise.

And there is no mechanism in your proposal that accomplishes that.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Aug 28th, 2012 at 05:19:10 PM EST
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