That's what happens if one doesn't consider the context of the mistake but only his own. ;-)
On 28 Mrz., 17:16, ornamentalmind <[email protected]> wrote: > *** checks his mail *** > > tick tock tick tock tick tock.... > > On Mar 28, 6:37 am, Don Johnson <[email protected]> wrote: > > > The checks already in the mail. > > > dj > > > On Sat, Mar 27, 2010 at 1:56 AM, ornamentalmind > > <[email protected]>wrote: > > > > *** is sending his teaching bill to DJ tomorrow *** ;-) > > > > On Mar 26, 10:48 pm, Slip Disc <[email protected]> wrote: > > > > tic tic tic tic tic tic tic tic tic tic tic > > > > tic ...................................... > > > > > On Mar 27, 12:35 am, Don Johnson <[email protected]> wrote: > > > > > > Maybe Sunday. Orn hogged all my internet time last couple of days and > > > I'm > > > > > busy tomorrow. I figure a couple hours Sunday morning is all I'll > > > > > need > > > to > > > > > solve all Europe's problems. I'll be in touch. > > > > > > dj > > > > > > On Fri, Mar 26, 2010 at 10:20 PM, Slip Disc <[email protected]> wrote: > > > > > > Okay Don, its been two days now, plenty enough time to digest and > > > > > > research. The tickling is over and I and Francis are waiting for > > > your > > > > > > advice on how his government should be running his country. Don't > > > > > > feel too pressured, you still have 48 hours to respond, after that > > > > > > there will be fines and levies imposed upon you and possibly some > > > > > > liens on your property if Fran doesn't like what you have to say. > > > > > > I know there is a lot of meat in the OP but I doubt very highly that > > > > > > you are a vegetarian. ;-) > > > > > > > On Mar 24, 4:01 pm, Don Johnson <[email protected]> wrote: > > > > > > > There's a lot of meat in this post Slip. I need to read it again > > > and > > > > > > digest > > > > > > > it and do a bit of research. Thanks for tickling my brain. When > > > > > > > I > > > come > > > > > > > back I'm going to tell Fran how his government should be running > > > his > > > > > > > country. > > > > > > > > Ha! > > > > > > > > dj > > > > > > > > On Tue, Mar 23, 2010 at 11:37 PM, Slip Disc <[email protected]> > > > wrote: > > > > > > > > Tell us what you think after you check out this Interview > > > conducted by > > > > > > > > Thomas Tuma and Alexander Jung of Spiegel Online International > > > > > > > > with......... > > > > > > > > > Peter Bofinger, 55, a member of the German Council of Economic > > > > > > > > Experts, a respected panel of five economists who advise the > > > federal > > > > > > > > government in Berlin. The economist, who lives in the Bavarian > > > city of > > > > > > > > Würzburg, founded a pro-euro initiative in 1997. > > > > > > > > > AND > > > > > > > > > Joachim Starbatty, 69, a professor emeritus in economics at the > > > > > > > > University of Tübingen in southwestern Germany. In 1997, he and > > > three > > > > > > > > other academics filed a lawsuit against the introduction of the > > > euro > > > > > > > > at Germany's Constitutional Court, though it was ultimately > > > > > > > > unsuccessful. > > > > > > > > > The Interview is titled: > > > > > > > > Bringer of Prosperity or Bottomless Pit? > > > > > > > > Top German Economists Debate the Euro > > > > > > > > > SPIEGEL: Mr. Bofinger and Mr. Starbatty, do you think it was a > > > mistake > > > > > > > > to introduce the euro? > > > > > > > > > Peter Bofinger: No, of course not. Today, we live in a currency > > > zone > > > > > > > > that, despite everything, is significantly more stable than > > > > > > > > where > > > the > > > > > > > > dollar or yen are used. The euro has brought growth and > > > prosperity to > > > > > > > > Europe. > > > > > > > > > Joachim Starbatty: Actually, the euro was a mistake with > > > particularly > > > > > > > > serious consequences. A monetary union requires its members to > > > pursue > > > > > > > > the same policies and be similarly productive. The so-called > > > > > > > > convergence criteria were meant to ensure that this would > > > > > > > > happen. > > > But > > > > > > > > -- as the dramatic developments in Greece are now showing -- > > > > > > > > they > > > > > > > > didn't. > > > > > > > > > SPIEGEL: Do you feel vindicated today? > > > > > > > > > Starbatty: Unfortunately, our fears have become a reality. The > > > > > > > > monetary union was launched with real self-deception. > > > > > > > > > Bofinger: Excuse me? > > > > > > > > > Starbatty: The euro was sold to us as a modernization program > > > > > > > > for > > > > > > > > Europe, and we were also told that it would push the Community > > > toward > > > > > > > > stability. But, in reality, it has drifted apart and become a > > > truly > > > > > > > > unstable entity. > > > > > > > > > Bofinger: Unstable? The inflation rate has been very moderate, > > > > > > > > hovering at around 2 percent since 1999, and it is significantly > > > lower > > > > > > > > than it was when Germany used the mark. We have a lower budget > > > deficit > > > > > > > > than the Americans, the Japanese and the British. Our debt-GDP > > > ratio > > > > > > > > is also lower than it is in the United States and Japan. There > > > > > > > > is > > > no > > > > > > > > reason why the euro should be coming under pressure. The > > > > > > > > decision > > > to > > > > > > > > introduce it was smart and far-sighted. > > > > > > > > > SPIEGEL: Without any drawbacks? > > > > > > > > > Bofinger: Sure, the euro zone is currently looking a little > > > > > > > > worse > > > for > > > > > > > > the wear. But that's to be expected, given the storm the global > > > > > > > > economy has gone through. Still, thanks to the common currency, > > > it's > > > > > > > > no longer possible, for example, to wage speculative attacks on > > > > > > > > individual currencies. This eliminates a key disruptive factor > > > that > > > > > > > > massively destabilized markets in the past. > > > > > > > > > Starbatty: But that's exactly the problem! In the past, exchange > > > rates > > > > > > > > served as a valve. Individual countries could control their > > > economies > > > > > > > > by allowing their currencies to gain or lose value. Now, this > > > > > > > > adjustment mechanism no longer works and, as a result, a > > > completely > > > > > > > > different sort of dangerous imbalance has emerged. Today, there > > > are > > > > > > > > two blocs within the monetary union: a strong currency bloc in > > > the > > > > > > > > north and a weak one in the south. The robust north has joined > > > forces > > > > > > > > with countries that have constantly devalued their currency > > > throughout > > > > > > > > their histories. Just look at the Italian lira, for example. At > > > the > > > > > > > > end of the 1950s, I paid 6.70 German marks for 1,000 lire. The > > > final > > > > > > > > exchange rate was less than one mark for 1,000 lire. > > > > > > > > > SPIEGEL: What would happen if the old currencies were > > > reintroduced in > > > > > > > > the euro zone tomorrow? > > > > > > > > > Bofinger: It would be a catastrophe. The German mark would have > > > to > > > > > > > > appreciate significantly -- I'd say by 10 percent to 20 percent. > > > > > > > > Everything that we've worked so hard to attain in terms of > > > > > > > > competitiveness would vanish overnight. There would be wailing > > > and the > > > > > > > > gnashing of teeth in Germany. And Europe would be making a > > > serious > > > > > > > > mistake if it were to revert to regionalism and nationalism > > > during > > > > > > > > this phase of advancing globalization. > > > > > > > > > Starbatty: I see things completely differently. The euro was > > > > > > > > also > > > sold > > > > > > > > to citizens as an instrument for securing peace. I never > > > understood > > > > > > > > that because, if that really were the case, you would have to > > > open the > > > > > > > > monetary union to everyone. Instead, in light of its failure, we > > > are > > > > > > > > now witnessing just how nationalism arises in the first place. > > > > > > > > EU > > > > > > > > flags have already been burned in Greece. > > > > > > > > > SPIEGEL: Would it have been better if all countries in Europe > > > > > > > > had > > > kept > > > > > > > > their own currencies? > > > > > > > > > Starbatty: Yes. A community can't function when it's made up of > > > > > > > > unequal partners who are supposed to behave as equals. With the > > > euro, > > > > > > > > Germany has created an artificial competitive advantage for > > > itself, > > > > > > > > which has enabled us to conquer markets all over the world. But > > > this > > > > > > > > has also led to the buildup of massive excess capacity in our > > > export > > > > > > > > industries and, consequently, the export-oriented companies in > > > the > > > > > > > > southwestern state of Baden-Württemberg are hurting. The > > > > > > > > monetary > > > > > > > > union changed the structure of economies in an unhealthy way. > > > > > > > > > Bofinger: Oh, come on! You can't blame the euro for these > > > imbalances! > > > > > > > > The blame primarily lies with economic policies. Since 1995, > > > there > > > > > > > > have been almost no appreciable wage increases in Germany, > > > > > > > > partly > > > as a > > > > > > > > result of pressure brought on from increases in subcontracted > > > labor. > > > > > > > > Politicians have done everything to relieve employers of the > > > burden of > > > > > > > > paying social security contributions because we fell into this > > > strange > > > > > > > > panic, believing we weren't globally competitive. With our > > > economic > > > > > > > > policies, we placed too much of a lopsided emphasis on exports. > > > The > > > > > > > > Irish, Greeks and Spaniards, on the other hand, put too much > > > emphasis > > > > > > > > on domestic demand. > > > > > > > > > 'Putting the Virtuous in the Dock Rather than the Real > > > > > > > > Offenders' > > > > > > > > > SPIEGEL: In recent days, French Finance Minister Christine > > > Lagarde has > > > > > > > > repeatedly criticized Germany's export surpluses for being high > > > > > > > > compared with those of other EU countries. Is she right to do > > > > > > > > so? > > > > > > > > > Starbatty: No. I think it's strange that Madame Lagarde is > > > putting the > > > > > > > > virtuous, who have always been oriented toward stability, in the > > > dock > > > > > > > > rather than the real offenders. > > > > > > > > > Bofinger: But the Germans have sinned just as much as the > > > Spaniards, > > > > > > > > for example. The Spaniards made their wages too high, while we > > > > > > > > in > > > > > > > > Germany practiced the opposite by not increasing the purchasing > > > power > > ... > > Erfahren Sie mehr » -- You received this message because you are subscribed to the Google Groups ""Minds Eye"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/minds-eye?hl=en.
