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Six crisis stories

November 14, 2011

None of them have a happy ending.

  • In 1992 Wynne Godley predicted that the eurozone would fail without fiscal and political union.
  • Nouriel Roubini outlines four possible future outcomes, concluding that the most likely is restoration of growth and competitiveness through aggressive monetary easing, a weaker euro and stimulatory policies in the core, while the periphery undertakes austerity and reform.
  • Martin Wolf agrees.
  • The Economist points out that the problems are structural, not the result of Greek fecklessness or Italian buffoonery.
  • Nick Cohen blames the Germans.
  • Europe is attacking the weak and protecting the core, but it won’t be enough, says James K. Galbraith.
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