# -*- mode: fundamental	; srcfile: /phm/12/06/_lng.phm_pub1206.txt; coding: utf-8 -*-

(top
!
(trento_soros
tit = Straight talk from George Soros on Euro crisis
url = http://www.georgesoros.com/interviews-speeches/entry/remarks_at_the_festival_of_economics_trento_italy/
?
Good $(au:analysis) in many respects, but what Soros is essentially demanding from Germany is that it should be the ultimate guarantor for all of Europe, which in turn presupposes becoming a province of a unitary euro state, and even then would provide little hope of success, because Germany is just one country with some residual strength within a continent that is continuously weakening in many ways and provides little prospect of a hope for growth, as can be seen, among others, from the choices of global investors.
Q: And Germany really hopes to be in better shape fending it off on its own? With the Balkans re-falling under Russian and/or Turkish influence, Italy even more corrupt and wide open towards Africa, Spain fully bust, etc? Well, good luck with that. And welcome back, 20th Century.
A: We're talking only of fiscal and monetary policy, and there, I see nothing to be gained for any country from communitarization of costs and risks. You know Italy's debate about "fiscal federalism", promoted by Tremonti, the inventor of the Eurobonds, at home, for good reasons. And when the clocks are going wrong, it's a good idea to set them back.
)
)
#EOF