With or without hyperinflation, today’s welfare-state obligations — just like 1919’s war reparations — are simply too big to be paid… The Eurozone’s problem? In short, it’s history…precisely what the single currency was supposed to neuter, of course.
Greece’s still-pending €110bn bail-out has already cost three lives in Athens’ riots yesterday. More bloodshed inside Western Europe would make a horrific end for this grandest of grand post-war projects…the crowning achievement of Europe’s longest-ever period of peacetime. (more)
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