Thursday, May 19, 2011

The Euro predicament in a story...

...From Martin Wolf of the FT. As I have said, the Euro actions are long options for Euro area nominal GDP to rise in order to "lift all ships".

A story is told of a man sentenced by his king to death. The latter tells him that he can keep his life if he teaches the monarch’s horse to talk within a year. The condemned man agrees. Asked why he did so, he answers that anything might happen: the king might die; he might die; and the horse might learn to talk.
This has been the eurozone’s approach

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