(i) EUROGUNEA
Why The Eurozone Will Self-Destruct1
“Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct
“Fireworks are going off in Germany again in yet another battle between Wolfgang Schaeuble, Germany’s finance minister, and the ECB.
Schaueble dismissed a suggestion this week by ECB head Mario Draghi that Germany should use fiscal room for manoeuvre to decrease its export surplus.
Germany has no plans to reduce its export surplus, Finance Minister Wolfgang Schaeuble said on Friday, as the European Central Bank (ECB) has not changed its monetary policy which has led to a weaker euro which in turn boosts German exports.
(…)
Why the Eurozone Will Destruct
Germany will pay one way or another for the massive imbalances between the creditor and debtor Eurozone countries.
Eventually Spain, Greece, or Italy will realize it is impossible for them to pay back what is owed.
(…)
Three Alternative Paths
- Germany and the creditor nations forgive enough debt for Europe to grow
- Permanently high unemployment and slow growth in Spain, Greece, Italy, with stagnation elsewhere in Europe
- Breakup of the eurozone
Germany will not allow #1. It is unreasonable to expect #2 to last forever. The only door left open is door #3.
The best move would be for Germany to leave the eurozone. Germany is in the best shape to suffer the consequences.
Unfortunately, the most likely outcome is still a destructive breakup of the eurozone, starting in Italy or Greece.”
(ii) EBZ
ECB press conf, 09/01/14: Q: Can the ECB ever run out of money? Draghi: Technically, no. We cannot run out of money. http://bit.ly/2c8Bq05
10 sept. 2016
Introductory statement to the press conference (with Q&A)3
“Question: I am wondering: can the ECB ever run out of money?
Draghi: Technically, no. We cannot run out of money. We have ample resources for coping with all our emergencies. So, I think this is the only answer I can give you.”
(iii) INFLAZIOA
Monopoly Money: The State as a Price Setter: @ptcherneva (2002) http://bit.ly/2chPn8S (pdf) http://bit.ly/2c9a6Pg via @wbmosler
10 sept. 2016
Prezioa/ Inflazioa
Pavlina Tcherneva-en Monopoly Money:The State as a Price Setter5
20 years on, this math model by Pavlina remains THE definitive paper on the source of the price level and inflation: http://www.epicoalition.org/docs/Pavlina_2007.pdf …
10 sept. 2016
The original 1996 math model paper begins on page 130: http://epicoalition.org/alt/docs/Pavlina_2007.pdf …
10 sept. 2016
Pavlina R Tcherneva @ptcherneva8
Thanks, @wbmosler! 20 years of #MMT since our first conference in Bretton Woods. 
11 sept. 2016
(iv) Euroaren amaiera? (1)
Why One Hedge Fund Is Once Again Preparing For The End Of The Euro9
“Our friends at Fasanara Capital have released a new report, which in keeping with the Mayfair fund’s recent trend of gloomy predictions, has looked beyond the current set of adverse socioeconomic development jarring Europe, and looks forward to the “last act of the Euro”, explaining why “whatever it takes” is now over, and why the time to panic about the future of the common currency is once again nigh.
Here is their latest analysis:
The last act begins for the EUR peg
Why the EUR-peg is likely to break
Why new QE is deflationary and counterproductive, so it may soon be up for review
(…)
Hurrengoan:
Euroaren amaiera? (2)
(Fasanara’s analysis looking at why QE no longer works)
