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Jan Smith
Sanibel Fl
Retired farmer and professor
Interests: Political economy, harpsichord music, mental illness
Recent Activity
Europe is falling apart because it had too little centralized governance, not too much of it. Specifically, the EU needed a central body with the powers of Keynes's International Clearing Union. That body would have imposed stiff fines on Germany for running extremely large, and repeated year after year, current account surpluses. Indeed, if Germany had been recalcitrant, that body would have seized German surpluses. To justify its actions, that body would have detailed Germany's large subsidies for its export firms and shown exactly how the Euro is de facto a German currency peg. In this world, German and French banks would not have loaned so much so casually to the European periphery. And Britain, no longer spooked by the extreme economic aggression of Germany, would not be fleeing from the great danger of a declining and hence dangerous EU.
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Jun 14, 2016