Those Revolting Europeans
By PAUL KRUGMAN
Published: May 6, 2012
The French are revolting. The Greeks, too. And it’s about time.
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So Germany’s experience isn’t, as the Germans imagine, an argument for unilateral austerity in Southern Europe; it’s an argument for much more expansionary policies elsewhere, and in particular for the European Central Bank to drop its obsession with inflation and focus on growth.
The Germans, needless to say, don’t like this conclusion, nor does the leadership of the central bank. They will cling to their fantasies of prosperity through pain, and will insist that continuing with their failed strategy is the only responsible thing to do. But it seems that they will no longer have unquestioning support from the Élysée Palace. And that, believe it or not, means that both the euro and the European project now have a better chance of surviving than they did a few days ago.
http://www.nytimes.com/2012/05/07/opinion/krugman-those-revolting-europeans.html?_r=1
DO SOMETHING!
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