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"A couple of rounds of competitive devaluation would provide such short-term relief."

But would we get that? If the local elites are hell-bent on insanity, as some clearly are (look at the UK, although with the election approaching, it's true that Osborne reversed austerity, but he did not admit to it and plans to double up after the election).

I do see Thomas' point. And in a way the Euro could provide the leverage to achieving a change in a shorter term, without dismantling the EU. But it would, I believe, require the threat by France to leave. And I don't think the current government has it in himself (he would get crucified by the right-wing press, which is a problem when you start from an unpopularity record).

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Thu May 29th, 2014 at 02:14:00 AM EST
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