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Yes, the Germans constructed a system to create the credit for intra-EU exports, boosting German exports without raising it's FXR, because its maintaining an artificially low FXR by having countries like Greece in the Eurozone.

Since the FXR rigging is via building a (broken) monetary union instead of by active intervention, the objections to Asian neo-mercantilism are thereby ducked.

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 Fri Aug 28th, 2015 at 10:16:35 AM EST
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