Washington blames Europe for the lack of global recovery and is losing its patience with EMU creditor states that fail to pull their weightApparently, the EZ slowdown is causing US oligarchs to lose money, so they have called upon their chief spokesman.
Germany is not following the American playbook regarding either Greece or the Ukraine.
The Telegraph
White House warns Europe on Greek showdown
The Telegraph
White House warns Europe on Greek showdown
Ambrose Evans-Pritchard
3 comments:
"President Barack Obama has seized on the Greek crisis to push for a broader reflation strategy in Europe. “You cannot keep on squeezing countries that are in the midst of depression. At some point there has to be a growth strategy in order for them to pay off their debts,” he said earlier this month."
Excellent video with YF, starting from 1:08 till end:
https://www.youtube.com/watch?v=A3uNIgDmqwI
Highlights:
-EU was a conception of US, not Europe itself.
--EU an undemocratic enterprise at core. It's government by bankers essentially.
--Parallel currencies unworkable.
--Comparisons to Argentina not meaningful in that Argentina had own currency.
--EU collapse would be, as Yves Smith says also, catastrophic.
--Believes leftward movement in EU electorate, particularly in Spain, Italy, France and of course Greece, is where salvation lies. In other words the neoliberal inertia has run it's course and the rise of the left in a refashioned EU is where history is headed.
--Bottom line is that Greece is going to remain in EU even if it means an incremental approach.
One more important distinction I gleaned from the video. Syriza was not following the electorate but rather leading it in the desire to stay in the EU. Syriza really does believe that staying in the EU is crucial to Greece's health as a nation for reasons YF articulates. I'm sure EU overlords realize that fact too, which makes Syriza's bargaining leverage tenuous to say the least.
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