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Germany Signals a Historic Shift From Austerity That Could Upend the Economy of Europe — Marshall Auerback

Summary:
Germany has been the epicenter of the austerity crazy. But the only final solution is to get free of the euro straight jacket. The dollar works in a currency union of sovereign states in the US because the union is string socially, politically and economically.  Those condition don't apply in Europe, and the US had to go through a bloody civil war on this way to it. The notion that a common market with a common currency and open borders has failed and failed so badly that nationalism in the pejorative sense of xenophobia is on the rise.CounterpunchGermany Signals a Historic Shift From Austerity That Could Upend the Economy of EuropeMarshall Auerback

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Germany has been the epicenter of the austerity crazy. But the only final solution is to get free of the euro straight jacket. The dollar works in a currency union of sovereign states in the US because the union is string socially, politically and economically. 

Those condition don't apply in Europe, and the US had to go through a bloody civil war on this way to it. The notion that a common market with a common currency and open borders has failed and failed so badly that nationalism in the pejorative sense of xenophobia is on the rise.

Counterpunch
Germany Signals a Historic Shift From Austerity That Could Upend the Economy of Europe
Marshall Auerback

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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