{"id":1365,"date":"2011-10-17T12:25:14","date_gmt":"2011-10-17T16:25:14","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1365"},"modified":"2011-10-17T12:25:14","modified_gmt":"2011-10-17T16:25:14","slug":"rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/","title":{"rendered":"Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism"},"content":{"rendered":"<p>Policy makers in the [euro-zone] core believe in the sustainability of export led growth strategies. Keynes warned about this in the last piece he published before his death. If the reserves earned by current account surplus nations like Germany, Austria, etc. are not reinvested in productive capital equipment and structures in the current account deficit nations, then the deficit nations will not be able to earn the income required to service their external debt in the future. They will default. Or, as economist Jan Kregel put it in very clear terms, if Germany wishes to run a sustained current account surplus with the periphery, Germany can chose to accept either liabilities issued by the periphery, or tradeable goods provided by the periphery, but they do not have the option of choosing neither.<\/p>\n<p>It is not in the best interest of the creditor\/current account surplus nations to continually accumulate liabilities issued by debtor\/current account deficit nations if this simply leads to eventual default on those obligations, but the economists and policy makers in the eurozone are too myopic and too blinded by faith to see this. The European Investment Bank could be used to recycle current account surpluses into productive capital investment in the periphery in a sustainable fashion, but instead, policy makers remain wedded to the faith based economic belief that export led growth strategies are both sustainable and optimal.<\/p>\n<p>via <a href=\"http:\/\/www.nakedcapitalism.com\/2011\/10\/rob-parenteau-blinded-by-faith-%e2%80%93-sinking-the-eurozone.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29\">Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Policy makers in the [euro-zone] core believe in the sustainability of export led growth strategies. Keynes warned about this in the last piece he published before his death. If the reserves earned by current account surplus nations like Germany, Austria, etc. are not reinvested in productive capital equipment and structures in the current account deficit &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[586,927,1295],"class_list":["post-1365","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-capital-investment","tag-current-account","tag-euro-zone"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Policy makers in the [euro-zone] core believe in the sustainability of export led growth strategies. Keynes warned about this in the last piece he published before his death. If the reserves earned by current account surplus nations like Germany, Austria, etc. are not reinvested in productive capital equipment and structures in the current account deficit &hellip; Continue reading &quot;Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-17T16:25:14+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism\",\"datePublished\":\"2011-10-17T16:25:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/\"},\"wordCount\":253,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"capital investment\",\"current account\",\"euro-zone\"],\"articleSection\":[\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/\",\"name\":\"Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2011-10-17T16:25:14+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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In the 12-months through July, the euro area recorded a seasonally adjusted cumulative current account surplus of almost 63 bln euros, which is about 0.7% of the region\u2019s GDP. The comparable figure in the 12-months through July 2011\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":346,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/20\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\/","url_meta":{"origin":1365,"position":1},"title":"New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO?","author":"ColinTwiggs","date":"August 20, 2011","format":false,"excerpt":"[The] core problem at the heart of the euro zone is NOT a problem of \u201cMediterranean profligacy\u201d. Many people, particularly in Germany, express the view that the Italian, Greek or Portuguese governments (and by association their people) are to blame for this crisis \u2013 accessing cheap loans from Northern European\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47634,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/01\/24\/the-shell-game\/","url_meta":{"origin":1365,"position":2},"title":"The shell game","author":"Colin Twiggs","date":"January 24, 2024","format":false,"excerpt":"An interesting discussion with Prof. Percy Allan from University of Technology, Sydney regarding what caused declining economic growth in recent decades. The chart below shows how real GDP growth in the US declined over the past sixty years -- from a 10-year average above 4.0% to a low of 2.2%\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Real GDP Growth","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":11531,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/02\/09\/sectoral-imbalances-the-purple-jobs-eater\/","url_meta":{"origin":1365,"position":3},"title":"Sectoral imbalances: Where have all the jobs gone?","author":"ColinTwiggs","date":"February 9, 2015","format":false,"excerpt":"Great post on Twitter from Naufal Sanaullah depicting US sectoral balances using UK economist Wynne Godley's analytical framework. The key to understanding Godley's analysis is that the sum of the four sectors is always zero. If one sector runs a deficit, it must be funded by a surplus in another\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Output Gap: Wikipedia","src":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/0\/0a\/Actual_potential_GDP_output_gap_CBO_Jan_09_outlook.png\/250px-Actual_potential_GDP_output_gap_CBO_Jan_09_outlook.png","width":350,"height":200},"classes":[]},{"id":4090,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/16\/europes-economic-suicide-nytimes-com\/","url_meta":{"origin":1365,"position":4},"title":"Europe\u2019s Economic Suicide &#8211; NYTimes.com","author":"Colin Twiggs","date":"April 16, 2012","format":false,"excerpt":"Paul Krugman: If European leaders really wanted to save the euro they would be looking for an alternative course. And the shape of such an alternative is actually fairly clear. The Continent needs more expansionary monetary policies, in the form of a willingness \u2014 an announced willingness \u2014 on the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1897,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/14\/europes-economy-shows-weakness-wsj-com\/","url_meta":{"origin":1365,"position":5},"title":"Europe&#8217;s Economy Shows Weakness &#8211; WSJ.com","author":"ColinTwiggs","date":"November 14, 2011","format":false,"excerpt":"Italy was forced to pay its highest interest rate since the euro's creation to sell five-year bonds\u2014a sign of skepticism that new governments in Italy and Greece will be able to simultaneously boost economic growth and reduce high public-debt levels......Industrial production in the euro zone plunged 2% in September from\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1365"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1365\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}