Wednesday, May 23, 2012

Germany and Euro Bonds

I haven't seen too much analysis of why Germany opposes Euro Bonds and the like, beyond the historical homily of scarring from the Weimar era. I don't believe that Weimar and an emotional paranoia of money-printing materially affects their present position. I suspect it has to do with some particular feature of their economy and the way it is structured. Capitalists are often dumb, but rarely in the consistent manner exhibited by Germany's elite unless there are real pressures compelling them to act in a certain way.

1"Why Won't Germany Turn ?" - Varoufakis (title), Joseph Halevi

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