On Nov 29, 2011, at 8:31 PM, James Heartfield wrote:
> Really? It’s that easy to launch a currency?
No one's done something like this before, because no one's tried something like the euro before. But it could be done. Of course, there'd be a run on Greek banks if it seemed inevitable - there'd have to be limits on withdrawals. (Some of that is already underway.) But it's not like things are wonderful now. A devalued currency, which is no panacea, is probably better than devalued incomes.
> As to what Germany wants, there is no great indication that they want to see the Eurozone slimmed down (admittedly there were noises, but I read this as rhetorical, rather than real).
It's kind of hard to see what Germany wants. I've been asking lots of smart people that question for months and there's no consistent or convincing answer. Ideology? Material interest? Habit? Really hard to say.
Doug