On Sat, 29 May 2010 21:05:41 -0400 Doug Henwood <dhenwood at panix.com>
writes:
>
> On May 29, 2010, at 8:56 PM, dredmond at efn.org wrote:
>
> > he EU is a superpower, has its own
> > central bank, and can print the money to bail itself out.
>
> If the sadomonetarists of Frankfurt feel like it.
People might care to remember that last year when Obama was doing his stimulus package he tried to get the EU to adopt a similar program to reflate the European economies in tandem with the US. The wisemen in Frankfurt said nothing doing. Even now, more so than Obama, they seem to be committed to recapitulating the economic policies of Herbert Hoover.
My own Kaleckian hunch conerning this, is that given western Europe's tradition of strong trade unions and social democratic protections, the German central bankers are very much concerned that any such attempt at reflation would result in labor adopting a much more aggressive stance towards capital.
Jim Farmelant http://independent.academia.edu/JimFarmelant
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