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... neither of them encouraging to the SEuro organized around a group with no fiscal authority. The Latin American example is advancing a monetary union in support of governments pursuing the interests of a wealthy few and a misery for the majority, and of course the US Federal government was a federation with fiscal authority, even if only light used, after a confederation more along EU lines had previously failed.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Sat Sep 21st, 2013 at 11:07:29 PM EST
[ Parent ]
I wasn't proposing a Seuro organized around a group with no fiscal authority. I was proposing a Seuro organized with a fiscal authority consisting of an SCB, a treasury and an elected board of governors to oversee policy for both, including the issue of bonds of joint liability and the uses to which the funds so generated would be used. I am not really familiar with the details of Mercousur, though the 'free movement of capital' is worrying. I was expressing a hope with regard to the possible future development of a monetary union in South America, but would be concerned about one that is set off on the wrong path already. Dilma Rousseff had an interesting background and is encountering push back from the population with regard to elite excesses surrounding the Olympics and World Cup. There are at least some hopeful possibilities there.

As I have noted I think my proposed plan could work, IF PROPERLY IMPLEMENTED, but proper implementation is rather improbable, especially as such a large portion of the population has no idea of what is required for a system to work in their favor and most seem inclined to trust the thieves currently looting them while thinking 'they would never do something like that.'

As the song said:

Here I stand, ticket in my hand,
waiting on the train to the promised land.
Waiting for EVERYMAN.

A better system is possible, but perhaps not with the people we have.  Yet.

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

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Sep 22nd, 2013 at 12:35:57 AM EST
[ Parent ]
Do you see a substantial likelihood that the existing EMU will, on its own or through EU institutions, evolve into a union that will promote the interests of all members to a reasonable degree? Is that more probable than developing a separate union along lines I have proposed?  

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Sep 22nd, 2013 at 12:45:25 AM EST
[ Parent ]
Not very much, but more so than the SEuro. In either case, it requires closing the democracy deficit. For the EU as a whole there is the European Parliament, but an egregious degree of indirect representation with all of its anti-democratic tendencies. For the SEuro, it wouldn't even have that much direct representation.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Tue Sep 24th, 2013 at 02:09:37 PM EST
[ Parent ]
For the SEuro, it wouldn't even have that much direct representation.

That is why I proposed an elected board of economic governors to set economic policy for the overall Seuro zone and the SCB. That would include interest rates, prudential regulation, Seuro bond issuance, purpose and oversight and recommendations for uniform legislation to be adopted in each member state. They would be selected by popular vote in each country. Perhaps the head of an executive could be elected by popular vote amongst all zone members. Such a structure could, if found beneficial by the member populations, move quickly towards greater political unity.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Sep 24th, 2013 at 02:28:53 PM EST
[ Parent ]

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