Grækenland, Irland, Portugal og Spanien er gået fallit på grund af Euroen.

Jeg har plæderet for det samme gennem årene, men ikke så godt som Elliott R. Morss som selvfølgelig har meget bedre forstand på de dele end jeg har, så læs her hvorfor det er gået så galt for disse fire lande, hvorfor problemet ikke kan løses gennem at sulte disse lande yderligere og hvorfor de burde forlade Euroen, som reelt kun er rigtig god for Tyskland, som alle kan se nu. 

......The Root of the Problem by Elliott R. Morss

What is really wrong here? Labor costs in “weak sister” countries are too high to clear labor markets. More specifically, the € is too strong for these countries. It makes their imports too cheap and exports too expensive to reduce trade deficits and increase domestic employment.

This is a classic case of the “Dutch Disease”, a term coined to explain why other industries do poorly in mineral exporting countries. In the Eurozone, Austria, Germany, and The Netherlands are the “mineral export industry”: it is because of them that the Euro is so strong.

But other Euro members will not fare well because the strong Euro makes them too costly to compete on world markets.

Now in theory, this problem could be resolved if the “weak sisters”’ producers (capitalists and laborers) got together and agreed to reduce their € costs by 30%. In other words, if they all agreed to take a pay cut of 30%. But this will never happen.

What Should Be Done?

How, realistically, can the “weak sisters’” costs be reduced so that their workers can find jobs again and their trade deficits become manageable via lower imports and higher exports?

They should leave the Eurozone and go back to having their own central banks. Why would this help? Because with their own currencies and central banks, their currency exchange rates would fall so their labor would be cheaper and they could compete again on world markets.

And instead of having to reduce their government deficits as they are obliged to do under ECB/IMF mandates, they can launch new stimulus packages to get people back to work. These stimulus packages would be financed by their central banks buying up the increased government deficits……..

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