Re: <nettime> Europe: from bad to worse (should be Greece, from worse

[nic <diasporas@gmail.com>]

Because they are not within the eurozone, obvs.

It didn't take long for the 'feckless Greeks' line to surface on      
Nettime now did it? While Greek capital has been in trouble since     
the 1970s, the current set of problems stems from the financial       
structure of the Eurozone - namely, its set up so as to circulate     
surplus German capital (where the currency is undervalued vis-a-vis   
the old Deutschmark) to Southern Europe, where the currencies are     
overvalued. This all went to hell in the financial crisis of 2008,    
and instead of letting the investor banks in the Greek economy go     
bust the ECB/EU/et al set out to save the French and German banks     
via the Greek government (moral hazard anyone?). So what we are       
witnessing is a conflict over French and German investments, and who  
is to pay for the bail out of them (sound familiar?). But if its      
orthodox marxism on the crisis you want, you could do worse that      
Michael Roberts...                                                    

https://thenextrecession.wordpress.com/





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