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View Diary: Ireland ready to take the Euro hostage (256 comments)

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  •  Not to ignore the EMU's internal contradictions, (4+ / 0-)
    Recommended by:
    Iberian, k9disc, JesseCW, ohmyheck

    which may be coming to a head in this prolonged crisis.  Attempting to establish a unified monetary policy for a large group of highly diverse economies while maintaining relatively weak controls over their fiscal sovereignty was never going to be easy.  

    •  I don't see it that way at all (1+ / 0-)
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      The way to look at it is to track corporate welfare. Most of the money doled out through the EU was repatriated in the form of corporate contracts. Banks lend money, EU disburses structural funds, the money returns in the form of corporate welfare.

      A real analysis of the EU's doings would begin by looking at government contracts signed with multinational corporations residing outside each country and that would be balanced by an analysis of money loaned to that country by foreign banks. It's a quid pro quo arrangement.

      I would better describe it as legalized laundering.

      There are two kinds of people in this world. The kind who divide the world into two kinds of people, and the kind who don't.

      by upstate NY on Sun Feb 27, 2011 at 01:45:01 PM PST

      [ Parent ]

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