{"id":6781,"date":"2013-02-24T16:07:30","date_gmt":"2013-02-24T21:07:30","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6781"},"modified":"2013-02-24T16:07:30","modified_gmt":"2013-02-24T21:07:30","slug":"bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/","title":{"rendered":"Bernard Connolly: Why the Euro Crisis Isn't Over | WSJ.com"},"content":{"rendered":"

From Brian Carney’s weekend interview with Bernard Connolly:<\/p>\n

\n

…But even if the Greeks were undisciplined, he says, “both the sovereign-debt crisis and the banking crisis are symptoms, not causes. And the underlying problem has been that there was a massive bubble generated in the world as a whole by monetary policy\u2014but particularly in the euro zone” by European Central Bank policy.<\/p>\n

The bubble formed like this: When countries such as Ireland, Greece and Spain joined the euro, their interest rates immediately dropped to near-German levels, in some cases from double-digit territory. “The optimism created by these countries’ suddenly finding that they could have low interest rates without their currencies collapsing, which had been their previous experience, led people to think that there was a genuine rate-of-return revolution going on,” he says.<\/p>\n

There had been an increase in the rates of return in Ireland “and to some extent in Spain” in the run-up to euro membership, thanks to structural reforms in those countries in the pre-euro period. But by the time the euro rolled around, money was flowing into these countries out of all proportion to the opportunities available…..<\/p>\n<\/blockquote>\n

Read more at The Weekend Interview with Bernard Connolly: Why the Euro Crisis Isn't Over – WSJ.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

From Brian Carney’s weekend interview with Bernard Connolly: …But even if the Greeks were undisciplined, he says, “both the sovereign-debt crisis and the banking crisis are symptoms, not causes. And the underlying problem has been that there was a massive bubble generated in the world as a whole by monetary policy\u2014but particularly in the euro … <\/p>\n

Continue reading “Bernard Connolly: Why the Euro Crisis Isn't Over | WSJ.com”<\/span><\/a><\/p>\n","protected":false},"author":1,"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":[5,33],"tags":[377,420,509,962,1295],"class_list":["post-6781","post","type-post","status-publish","format-standard","hentry","category-economy","category-uk-europe-countries-regions","tag-banking-crisis","tag-bernard-connolly","tag-bubble","tag-debt-crisis","tag-euro-zone"],"yoast_head":"\nBernard Connolly: Why the Euro Crisis Isn't Over | WSJ.com - 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=\"Bernard Connolly: Why the Euro Crisis Isn't Over | WSJ.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Brian Carney’s weekend interview with Bernard Connolly: …But even if the Greeks were undisciplined, he says, “both the sovereign-debt crisis and the banking crisis are symptoms, not causes. And the underlying problem has been that there was a massive bubble generated in the world as a whole by monetary policy\u2014but particularly in the euro … Continue reading "Bernard Connolly: Why the Euro Crisis Isn't Over | WSJ.com"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/\" \/>\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:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-24T21:07:30+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\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\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Bernard Connolly: Why the Euro Crisis Isn't Over | WSJ.com\",\"datePublished\":\"2013-02-24T21:07:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/\"},\"wordCount\":219,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"banking crisis\",\"Bernard Connolly\",\"bubble\",\"debt crisis\",\"euro-zone\"],\"articleSection\":[\"Economy\",\"UK & Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/\",\"name\":\"Bernard Connolly: Why the Euro Crisis Isn't Over | WSJ.com - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2013-02-24T21:07:30+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/02\/24\/bernard-connolly-why-the-euro-crisis-isnt-over-wsj-com\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bernard Connolly: Why the Euro Crisis Isn't Over | WSJ.com\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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The currency is fundamentally warped and misaligned. It spans a 30pc gap in competitiveness between North and South. Intra-EMU current account deficits have become vast, chronic, and corrosive. Monetary Union is\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2585,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/08\/ecb-cuts-rates-to-1-0-pct-as-debt-crisis-rages-reuters\/","url_meta":{"origin":6781,"position":1},"title":"ECB cuts rates to 1.0 pct as debt crisis rages | Reuters","author":"ColinTwiggs","date":"December 8, 2011","format":false,"excerpt":"The European Central Bank cut its main interest rate by 25 basis points to 1.0 percent on Thursday as the euro zone's worsening debt crisis outweighed the concern over persistently high inflation. The ECB also reduced the interest rate on its deposit facility to 0.25 percent and the rate on\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2232,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/20\/debt-crisis-contagion-the-euro-zones-deadly-domino-effect-spiegel-online-news-international\/","url_meta":{"origin":6781,"position":2},"title":"Debt Crisis Contagion: The Euro Zone’s Deadly Domino Effect – SPIEGEL ONLINE – News – International","author":"ColinTwiggs","date":"November 20, 2011","format":false,"excerpt":"The main problem of a Greek exit from the euro zone is not necessarily the direct impact on banks. I believe our government when they say that they would be able to get that under control. The real problem is the next domino. The crisis will spread unchecked to Italy.\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1363,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/chart-of-the-day-greatest-credit-deterioration-focus-belgium-spanish-banking-credit-writedowns\/","url_meta":{"origin":6781,"position":3},"title":"Chart of the day: Greatest Credit Deterioration Focus – Belgium, Spanish banking | Credit Writedowns","author":"ColinTwiggs","date":"October 17, 2011","format":false,"excerpt":"As I said in July, I expect contagion to be a real concern regarding the dithering policy approach. I believe the sovereign debt crisis will continue to deteriorate further for just this reason. .....So, what happens is that the crisis rolls through. 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It\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13565,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/12\/the-italian-bank-crisis-the-one-graph-version-the-market-monetarist\/","url_meta":{"origin":6781,"position":5},"title":"The Italian bank crisis \u2013 the one graph version | The Market Monetarist","author":"ColinTwiggs","date":"July 12, 2016","format":false,"excerpt":"I love Lars Christensen's work. Simple but elegant. This is a bit wonkish for an investment blog but he makes a very important point which applies to far more than just Italy. Today I was interviewed by a Danish journalist about the Italian banking crisis..... 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