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... exchange rate risks at every provincial boundary crossing within the Eurozone plays havoc with planning production systems for fixprice output across provincial boundaries.

The Eurozone needs, at a minimum, an automatic allocation of Euros based on the size of the output gap, allocated to national governments in proportion to population. That would allow the pro forma national governments to maintain their safety net programs while working out a Eurozone-wide basic safety net.

Of course, for the corporate neofeudalists, the fact that the Eurozone is crippled as a monetary region without a corresponding fiscal authority is a virtue ... its faults are only faults when viewed through the prism of public interest, but are virtues when viewed through the prism of relative power of transnational corporations.


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 Thu May 6th, 2010 at 11:16:31 AM EST

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