“…Europe is right on the edge of a needless calamity.
One can view the European debacle through three lenses -
- the weakness of European governmental institutions in a crisis -
- the excessive role of financial speculation in turning a moderate problem into a system-threatening disaster -
- and the purely self-interested actions of Europe’s dominant financial power Germany.
Far too much commentary has used a fourth lens: -
- the alleged misbehavior of the Greeks -
- which is far from a good reason to destroy the European economy.
Take each of these in turn…”
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