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Good to hear from you, rz!

You're right, the odds are massively stacked against the Eurozone's survival. The single currency is the greatest single mistake (though there are others) of the European project.

Your media examples remind me that this morning, on French public radio, the usual economics editorialist, an ultra-liberal journalist with Les Echos, came up with a surprise: according to new statistics, France would have been out of the trough of the financial crisis by 2011... if it hadn't been for the euro and Eurozone policies. That piece of news is going to give the pundits a job spinning. They'll probably ignore it.

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Jun 4th, 2014 at 12:02:48 PM EST
This morning, same place same time: presenter Patrick Cohen has a lapsus when introducing the ECB's "new measures against inflation... er, deflation". Like the latter word was some strange new beast.

The editorialist Dominique Seu (same as yesterday) then comes out with a vibrant hymn of praise for the ECB, and says that "observers" are hoping for measures "to stop deflation and bring the € exchange rate down". Seu's getting a message (as usual) from French business circles.

With Draghi and new boy Renzi, Italy's in the forefront, apparently. But not a word about what Merkel, seated on a massive public opinion delusion, will accept.

by afew (afew(a in a circle)eurotrib_dot_com) on Thu Jun 5th, 2014 at 02:04:17 AM EST
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Talking about nearly getting out of the crisis in 2011:

A few days ago Jürgen Stark was writing in the FAZ that 0.7% inflation is totally ok. The ECB should not act 'mechanically' to reach its 2% target.

You know who acted mechanically to raise rate when in early 2011 the Inlfation rate was pushed a tiny bit above 2% by tax hikes  in the crisis countries? Jürgen Stark, head of the Bundesbank at that time.

by rz on Thu Jun 5th, 2014 at 03:42:11 AM EST
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by afew (afew(a in a circle)eurotrib_dot_com) on Thu Jun 5th, 2014 at 05:19:07 AM EST
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Did you make this picture? Can we send this around? Make a meme out of this? Such that it comes up first if somebody Googles for Juergen Stark?
by rz on Thu Jun 5th, 2014 at 05:31:09 AM EST
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I made it, but the robot pic I used may be copyright, I don't know.
by afew (afew(a in a circle)eurotrib_dot_com) on Thu Jun 5th, 2014 at 05:43:00 AM EST
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Jürgen Stark (raving mad) was ECB Chief Economist. The Bundesbank President was Axel Weber, who also resigned in protest at ECB policies like Stark did.

Axel Weber went on to become CEO of UBS, and then the butt of jokes:

How the mighty have fallen.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jun 5th, 2014 at 05:54:59 AM EST
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"Jürgen Stark (raving mad) was ECB Chief Economist." I see. But anyway, he is no less responsible for the rate hike in 2011.

Axel Weber has been in the Media with his warning about 'more volatility'. That is pretty tame for German standards.

by rz on Thu Jun 5th, 2014 at 06:59:05 AM EST
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