DTM eta eurogunea, berriz

1. Bill Mitchell:

a)      Yet another solution for the Eurozone[1]

Gomendio berriak egin dira, hots, irtenbide hibridoak Mitchell-en hitzetan.

Gomendio berri horien aurrean, hona hemen Mitchell-en jarrera:

Italia hobe egongo litzateke baldin eta eurogunea utziko balitz[2].

Izan ere, hona hemen liburu berrian egindako gomendioak[3].

b)      The German experiment has failed[4]

Alemaniako esperimentuak porrot egin du.

Ondorioak:

“The German government has now posted a small fiscal surplus at a time when France’s deficit is still well above the SGP rules.

Germany’s trade balance is falling and its factories are seeing orders vanish.

A triple-dip recession for the Eurozone is now entirely possible, if not likely.”

2. Joseph Stiglitz:

Ildo beretik, Nobel saridunak hauxe dio: Austerity has been an utter disaster for the Eurozone[5].

Zehazki:

“…Germany is forcing other countries to follow policies that are weakening their economies – and their democracies.”

“All of the suffering in Europe – inflicted in the service of a man-made artifice, the euro – is even more tragic for being unnecessary. Though the evidence that austerity is not working continues to mount, Germany and the other hawks have doubled down on it, betting Europe’s future on a long-discredited theory. Why provide economists with more facts to prove the point?”

3. Warren Mosler:

Mosler-ek, DTM aitaponteko batek, bide beretik eta Alemaniari dagokionez, 10garren izurritea aipatzen du: The 10th Plague[6].

EBk ez da austeritatetik alde egingo harik eta Alemania beheratu arte[7].

Orain austeritateak Alemania jo du [8]. Datuak hor daude[9]

4. Marshall Auerback:

Troikaren izugarritasuna agerian[10].

Albistearen iturria aipatzen du ondoko linkean[11].

Bonoen ordainketari buruz, The Daily Telegraph[12] delakoak bonoen ez ordaintzearen arriskuak eta horiek eurogunean izan ahalko zituzketen neurrigabeko eragin txarrak aipatzen ditu[13].

Alta, Auerback-ek, DTM-ren irizpideak erabiliz, honela erantzuten dio albiste horri:

“The ECB, which is the Eurozone’s currency issuer, could easily have stood behind the sovereign bonds and ensured that a banking crisis did not metastistise into a fully-fledged sovereign debt crisis.”

Bankuen erreskateak salatzen ditu:

“All of the rescue plans that were introduced to “rescue” Ireland, in fact were bank bailouts achieved on the backs of the Irish population. And we see that this was done under coercion of the worst kind.”

Baina, berriz, medizina gisa, austeritate fiskala proposatu zen, ondorioak are okerragoak izanik[14].

Egia?

“The truth of the matter is this: the Eurozone seems rotten to the core, literally. This latest revelation simply confirms the fundamental corruption that lies at the heart of the European Monetary Union.”

[1] Ikus http://bilbo.economicoutlook.net/blog/?p=29092.

[2] Ingelesez: “Italy would be much better off if they left the Eurozone behind and established currency sovereignty unconditionally. Not just when it is depression!

Why is all the effort being taken to devise ‘ingenious schemes’ that retain the euro and all the baggage that makes it unworkable as a monetary system?”

[3] Ingelesez: “In my book on the Eurozone, now to be titled – Eurozone Dystopia: Groupthink and denial on a grand scale – (…) I examined in one chapter a number of proposed schemes to circumvent the crisis including establishing a European-wide unemployment benefits scheme and various debt-shuffling schemes designed to satisfy the Stability and Growth Pact (SGP) constraints.”

“(…) I recommend Italy or France taking the lead and negotiating a way to leave the common currency so that the other smaller nations, which do not enjoy the same clout as these large economies, can also leave without pernicious penalties being imposed.”

[4] Ikus http://bilbo.economicoutlook.net/blog/?p=29178.

[5] Ikus http://www.theguardian.com/business/2014/oct/01/austerity-eurozone-disaster-joseph-stiglitz.

[6] Ikus http://moslereconomics.com/2014/10/07/the-10th-plague-2/.

[7] Ingelesez: “Several years ago I began using the analogy of the 10th plague of the Old Testament, the idea being that the EU wouldn’t move away from austerity until it brought down Germany itself.”

[8] Ingelesez: “It’s looking like that day is getting a whole lot closer, as austerity has not only damaged Germany’s export markets in the rest of the EU, but has also caused the rest of the EU to become more competitive vs Germany in the external markets, which have themselves been weakened by their own austerity policies.”

[9] German industry output plunges most in over 5 years: http://www.cnbc.com/id/102064827?trknav=homestack:topnews:1

[10] Ikus http://macrobits.pinetreecapital.com/troika-awfulness-exposed/.

[11] Iturria hauxe da: Revealed – the Troika threats to bankrupt Ireland, http://www.independent.ie/irish-news/politics/revealed-the-troika-threats-to-bankrupt-ireland-30621197.html#sthash.wBft9fCO.yVNqF4zi.dpuf.

[12] Ikus ECB’s treatment of Ireland andItaly is a constitutional scandal, yet nobody held to account: http://www.telegraph.co.uk/finance/economics/11138980/ECBs-treatment-of-Ireland-and-Italy-is-a-constitutional-scandal-yet-nobody-held-to-account.html.

[13] Ingelesez: “A haircut for EMU bond-holders at that very dangerous moment – before the Eurozone had built up buffers and sorted out its crisis regime – would have led to instant contagion and incalculable consequences (as later spasms of the EMU debt crisis were to show).”

[14] Ingelesez: “…Then there was an insistence on fiscal austerity being offered as the “medicine”, which turned out to be worse than the disease. It has exacerbated the downturn and unleashed a horrible debt deflation dynamic in all of the areas where it was reluctantly implemented.”