On Thu, 29 Jan 1998, Richardson_D wrote:
> So perhaps the plan is to make the mark into much more of an
> international currency. The question for the global economy is then
> whether Germany, with or without the EC, is willing to assume the role
> of the U.S. as the consumer of last resort.
Actually, it's not just Germany, it's the rich Central European core
economies -- a belt of economic development stretching from northern Italy
to Switzerland, Austria, Germany and the Scandinavian countries, which is
the financial and industrial core of the nascent Eurostate -- which,
if all goes to plan, will become the new world consumption leaders
(the messy business of making things will, presumably, be farmed out to
Eastern Europe). The Bundesbank gets most of the press, of course, but
they run only thirty percent of the EU economy (the equivalent of minority
shareholders). Of course, since the banking elites everywhere hawk pretty
much the same tight money, hardline monetarist ideology, the Bubacrats do
make a wonderfully apt target for Eurolefties and their allies.
-- Dennis
