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Stuck In A Weimar World?

Thu, 17 Nov 2011 00:47:21 GMT

Rich and Poor In many ways the problems of the Eurozone are hard to understand: as the US Secretary of State Timothy Geithner has pointed out: "The problems that they are facing there in Europe are complicated to solve, but well within the resources that Europe has."So the sight of the rich asking the relatively poor Chinese to bail them out, or attempting to put the squeeze on the IMF is perverse.  The Chinese wonder, if the weaker Euro countries are such good investments, why don’t the Europeans put their money where their begging bowl is? Of course, if you delve deep enough, the problem is psychological, and is magnified because the Eurozone is made up of independent countries following their own paths. But at the heart of the problem is Germany, the country that has benefited more than any other from the euro and which is now unwilling to accept the consequences of its Faustian pact. For the Germans it’s heads they win, tails we all lose, because they're stuck in a...

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