Money talks: financing the periphery buys Berlin a leading role recasting the eurozone governance framework. The recent ‘six pack' of legislative reforms hints at what's to come: institutionalized fiscal discipline and an excessive imbalances procedure that protects against future moral hazard. The whole eurozone will tilt toward the German surplus model as we get more fiscal integration and more German leverage.
Ian BremmerRelated topics
berlin discipline fiscal framework future german governance hazard integration leading legislative leverage model money moral pack periphery procedure recent role six surplus tilt financing recastingRelated quotes
Keynes was a great economist. In every discipline, progress comes from people who make hypotheses, most of which turn out to be wrong, but all of which ultimately point to the right answer. Now Keynes, in The General Theory of Employment, Interest and Money, set forth a hypothesis which was a beautiful one, and it really altered the shape of economics. But it turned out that it was a wrong hypothesis. That doesn't mean that he wasn't a great man!
Milton Friedman
The mathematical framework of quantum theory has passed countless successful tests and is now universally accepted as a consistent and accurate description of all atomic phenomena. The verbal interpretation, on the other hand – i. e., the metaphysics of quantum theory – is on far less solid ground. In fact, in more than forty years physicists have not been able to provide a clear metaphysical model.
Fritjof Capra
Capitalism as a social order and as a creed is the expression of the belief in economic progress as leading toward the freedom and equality of the individual in a free and open society. Marxism expects this society to result from the abolition of private profit. Capitalism expects the free and equal society to result from the enthronement of private profit as supreme ruler of social behavior...
Peter Drucker
Just as the good actor perform well whatever role the poet assigns, so too must the good man perform whatever Fortune assigns. For she, says Bion, just like a poet, sometimes assigns the leading role, sometimes that of the supporting role; sometimes that of a king, sometimes that of a beggar. Do not, therefore, being a supporting actor, desire the role of the lead.
Bion of Borysthenes
From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.
Ron Paul
