Notes on the Euro Crisis; or, Crisis of the Euro Notes
by Axel Merk
Fiat Money and the Euro Crisis
…Obviously the Maastricht Treaty’s rules were as binding as the Bill of Rights in the United States. Partly aided by shenanigans involving currency swaps designed by Goldman Sachs, the Greek government flouted the limits of deficits for years. Thus here we are, in the very nightmare scenario about which some economists (such as Milton Friedman) warned at the euro’s inception…
Slovaks Ratify Euro Bailout Fund, Finish Approval Process
…The Slovak vote and Barroso’s plan “might have raised hopes that euro area politicians might step up to the plate at their summit in 10 days’ time,” Emily Nicol, a London-based analyst at Daiwa Capital Markets, wrote in an e-mailed note. “But on closer inspection Barroso’s proposals were flimsy, if not quite a case of the Emperor’s new clothes…”
By Radoslav Tomek and Peter Laca
image from mises.org
