... So we are back to the fundamental issue that led to the flawed - TopicsExpress

... So we are back to the fundamental issue that led to the flawed design of the monetary union in the first place and the continued dysfunction of the Eurozone economy – the Brussels political elites do not want the national states to have sufficient fiscal flexibility to meet large asymmetric negative spending shocks which undermine growth. That obsession led to the Stability and Growth Pact, the various innovations since (Fiscal Compact etc) and the pernicious austerity that is ruining the whole project. Unless that changes growth will not be sustainable – QE or not. Pisani-Ferry finishes by adding a new condition to ensure QE is effective – on-going fiscal austerity. Somehow, the lower long-term interest rates (already very low), will stimulate a massive private investment binge, at a time where sales are flat, unemployment is high, and consumers are cautious. I don’t think so.... - Bill Mitchell. As usual, Bills analysis using the MMT tools to understand the Euro mess is spot on, but I think the Euro elites already know this by now.... What we are viewing is the facade of intellectual fraud of mainstream (neo liberal) economics and propaganda politics being used to justify the ongoing dismantling of Social Europe and continued transfer of wealth upwards to the top few percent.

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