{"id":346,"date":"2011-08-20T17:37:24","date_gmt":"2011-08-20T21:37:24","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=346"},"modified":"2011-08-20T17:37:24","modified_gmt":"2011-08-20T21:37:24","slug":"new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/20\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\/","title":{"rendered":"New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO?"},"content":{"rendered":"<blockquote><p><span style=\"color:#008080;\">[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 banks, not paying enough taxes, not working hard enough, etc&#8230;..<\/span><\/p>\n<p><span style=\"color:#008080;\">One thing is clear from the remarks that continue to emanate from Europe\u2019s main policy makers. They do not understand basic accounting identities.<\/span><\/p>\n<p><span style=\"color:#008080;\">&#8230;&#8230;.<span class=\"Apple-style-span\"><span style=\"font-family:inherit;\">The European Monetary Union bloc as a whole runs an approximately balanced current account with the rest of the world. Hence, within Euroland it is a zero-sum game: one nation\u2019s current account surplus is offset by a deficit run by a neighbor. And given triple constraints \u2014 an inability to devalue the euro, a global downturn, and the most dominant partner within the bloc, Germany, committed to running its own trade surpluses \u2014 it seems quite unlikely that poor, suffering nations like Greece or Ireland could move toward a current account surplus and thereby help to reduce its own government \u201cprofligacy\u201d. <\/span><\/span><\/span><\/p><\/blockquote>\n<p>via <a href=\"http:\/\/neweconomicperspectives.blogspot.com\/2011\/08\/are-we-approaching-endgame-for-euro.html\">New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO?<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[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 banks, not paying enough taxes, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/20\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO?&#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":[],"class_list":["post-346","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO? - 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=\"New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO? - the patient investor\" \/>\n<meta property=\"og:description\" content=\"[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 banks, not paying enough taxes, &hellip; Continue reading &quot;New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO?&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/20\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\/\" \/>\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=\"2011-08-20T21:37:24+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\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO?\",\"datePublished\":\"2011-08-20T21:37:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/\"},\"wordCount\":206,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"articleSection\":[\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/\",\"name\":\"New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO? - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2011-08-20T21:37:24+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/08\\\/20\\\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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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\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":4395,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/19\/economonitor-economonitor-europes-depressing-prospects-two-reasons-why-spain-will-leave-the-euro\/","url_meta":{"origin":346,"position":1},"title":"EconoMonitor : EconoMonitor \u00bb Europe\u2019s Depressing Prospects: Two Reasons Why Spain Will Leave the Euro","author":"Colin Twiggs","date":"May 19, 2012","format":false,"excerpt":"Michael Pettis: I think Spain [and all the peripheral European countries are similarly uncompetitive] will leave the euro because it seems to me that the country has already started on the self-reinforcing downward spiral that leads to a crisis, and there is no one big enough to reverse the spiral.\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":1399,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/19\/jurgen-stark-hearing-at-the-committee-on-economic-and-monetary-affairs-of-the-european-parliament\/","url_meta":{"origin":346,"position":2},"title":"J\u00fcrgen Stark: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament","author":"ColinTwiggs","date":"October 19, 2011","format":false,"excerpt":"\"Given that one of the root causes of the current sovereign debt crisis are unsustainable fiscal policies, I want to emphasise that this calls for a clear strengthening of incentives for prudent and sustainable fiscal policies. The introduction of common bonds in the euro area would, however, clearly weaken such\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":5493,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/","url_meta":{"origin":346,"position":3},"title":"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow","author":"Colin Twiggs","date":"September 18, 2012","format":false,"excerpt":"By Marc Chandler Look at the turn around in the current account. 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":1120,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/04\/beginning-of-the-end-is-near-for-greek-drama-the-big-picture\/","url_meta":{"origin":346,"position":4},"title":"Beginning of the end is near for Greek drama | The Big Picture","author":"ColinTwiggs","date":"October 4, 2011","format":false,"excerpt":"After yesterday\u2019s meeting with European Finance Ministers, they are finally facing the reality that the July 21st agreement where Greek bondholders would face just a 21% cut to the value of their bond holdings was just not enough. Said early this morning, Juncker, the European FM head, said \u201cAs far\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":1617,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/eurozone-debt-deal-tackles-symptoms-not-cause-investing-financial-post\/","url_meta":{"origin":346,"position":5},"title":"Eurozone debt deal tackles symptoms, not cause | Investing | Financial Post","author":"ColinTwiggs","date":"October 27, 2011","format":false,"excerpt":"Eurozone leaders are as far as ever from finding a lasting solution to the bloc\u2019s underlying problem of economic divergence, despite their latest progress in managing the symptoms of its debt crisis...... \u201cThis is another step in the right direction, but it is not enough to get us to the\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\/346","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=346"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/346\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}