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The capitalist which does not run a successful plant will go broke and lose the thing that makes him a capitalist: his capital.

Hmm, limited liability and political connections.

We're talking oligarchy here.

And when their country goes to hell the government borrows from the IMF in order to prop the exchange rate long enough for them to get their savings out at a favourable rate. Or, in the case of the Eurozone, the government refuses to institute capital controls and accepts "rescue" after "rescue" while the oligarchs decamp to Luxembourg with their money.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman

by Migeru (migeru at eurotrib dot com) on Sat Mar 17th, 2012 at 07:45:52 PM EST
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