The rules that Tsipras has broken are unwritten rules that reflect the power the euro area’s creditor states have to ruin any member states that don’t do as they are ordered.The US holds this power of the global economy to various degrees depending on conditions. Self-sufficient countries are less susceptible but no country is completely self-sufficient enough to be entirely independent of the US unless it is a backward country. The EZ is a replication of that on a smaller scale.
WCEG — The Equitablog
Must-Read: Karl Whelan: Alice In Schäuble-Land: Where Rules Mean What Wolfgang Says They Mean
Brad DeLong
1 comment:
The "power" that the "creditor states have to ruin any member states that don’t do as they are ordered", and this goes generally even for the USA vs the world - is the power to convince the member states to ruin themselves.
If you have that, what else is necessary?
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