Squaring the Circle

15 Nov

What’s going on in Merkel’s mind is the most interesting aspect of all this. She and Schaeble have both said NEIN to going over Germany’s existing 211 billion euro commitment. Both have consistently refused to accept “eurobonds” Both have said that the idea of a “big bazooka” is “silly” and indeed “stupid”. Various German banking worthies have also said “NO” to the ECB printing money (GOOD FOR THEM) and the German Constitutional Court has said “No more powers to Brussels without a referendum.”

BUT, UNLESS Germany IGNORES all that and (idiotically in my view) puts all her resources into a multi-trillion bailout fund then it seems to me CERTAIN that Greece and Italy will default, if not others.

Yet Merkel and her gang have ALSO said they will prevent the collapse of the euro. I CANNOT see how they are going to square this circle. Can anyone else?


Posted by on November 15, 2011 in European Union, German Diary


Tags: , , ,

2 responses to “Squaring the Circle

  1. ch4wordpress

    November 17, 2011 at 3:07 am

    I see a way but it will require radicalization on the part of the Eurozone. Regionality. Look at Italy. Northern Italy is the region of Italy that is truly first world. Southern Italy is third world.
    so, let Northern Italy be in the Euro and let Southern Italy return to a reduced Lira. The Eurozone needs to be made up of regions in EU countries instead of members holistically.
    In this way, the Eurozone can grow, under this paradigm. Parts of East germany can go back to the marks. The Banlieues of France can go to the Franc. Spains poorer cultural municipalities can go to the peso, and etc.
    It wouldnt be a big stretch, the EU has countries with their own currency and those with a unified currency, allow every country to have both and the wealthy will flock to the Euro and the poor will be forced to accept the national currencies.

  2. Chris Snuggs

    November 19, 2011 at 9:26 am

    Great idea, but thinking outside the box is not really an EU specialty …. this organisation is really like a steamroller; brainless of course, and once going in a certain direction quite difficult to steer or stop.


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