Reading Bill Mitchell's ongoing review of the march to Maastricht and adoption of the euro currency ... is like watching a horrifying, epic, 10yr battle between an aggregate and a "boa-maastrichter." After the long, exhausting battle, it only takes a few minutes for the Maastrichter to start swallowing the policy-dead democracies.
Consider the crucial step, below, where a hidden TINA whispers that there is no alternative, and that they should all stick their heads in the boa's mouth simultaneously. Sure there are risks, but if done right, then it's theoretically survivable.
??
Is that like waiting to exhale - for the last time - just before the coils tighten for the last time?
"Definitional shortcomings?" ?? Is that the understatement of the century?
"Despite its definitional shortcomings, the golden rule of public finance, i.e. that public borrowing shall not exceed investment expenditure, appears the most satisfactory from an analytical point of view and is the only one widely applied in existing federations. Complementary to this rule, other objective criteria, such as the deficit and debt to GDP ratios might prove helpful in this context. These rules and criteria will have to be laid down in the Council regulation covering multilateral surveillance."
"Definitional shortcomings?" ?? Is that the understatement of the century?
You just couldn't make up such delusional behavior, any more than you could have made up many old stories, like the ones about "goon madness" in European villages, or Neo-Lemmingal crusades.
The definition of delusion is when entire electorates profess a belief that they can, have and really do "borrow" public initiative? Madness? Erble logic? To understand this phenomenon, we may need to coin yet another phrase - "analyticalusional" - to describe the form of analysis, without it's actual function.
"Yet, it happens," mutter the Neo-Liberals under their breath .... "so surely we must make it happen yet again?"
[What can one say? Werks fur theeee! While yer waitin' for the results to kick in, why not just go pound your head against a wall somewhere too?]
"Yet, it happens," mutter the Neo-Liberals under their breath .... "so surely we must make it happen yet again?"
[What can one say? Werks fur theeee! While yer waitin' for the results to kick in, why not just go pound your head against a wall somewhere too?]
That's what happens when you have no debate. It's as if they live in an echo chamber.
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