Greek elections: And now what Dr. Schauble? It’s about the people, stupid.

An ill-designed euro, together with EU policies that promote the products and services of powerful member countries against true economic sense, have exacerbated trade imbalances amongst eurozone countries. This has been causing economic calamity in the ones with trade deficits. They can no longer restore competitiveness having lost the tool of monetary policies or a national currency exchange mechanism. Germany and other member countries that have benefited insist that competitiveness in ill-affected member states can be restored by national fiscal measures. The truth of the matter: It cannot. Having blackmailed troubled member states with overnight bankruptcies and chaos unless the Troika austerity terms were accepted, Dr. Schauble has repeatedly warned that he or his government cannot be blackmailed. The solution: The EU should design a smooth euro-exit program, where Greece and other troubled member states could optionally participate, in order to exit from the eurozone. But this is very unlikely to happen: It would be against Germany’s interests that benefits from a low euro exactly because of the troubles of some of the Eurozone countries. Instead, the German government blackmails every troubled country’s government with economic chaos, unless they yield to their usurer’s demands. Dr. Joseph Goebbels would be very proud of you, Dr. Schauble.

Others, more knowledgeable than you or me gave us warning: http://economides-bookreviews.blogspot.com/2011/05/joseph-e-stiglitz-freefall-2010.html. You would not listen:

In the Afterword of the 2010 paperback edition Stiglitz warns that “The notion that cutting wages is a solution to the problems of Greece, Spain and others within the Eurozone is a fantasy…There is a far easier solution: the exit of Germany from the Eurozone or the division of the Eurozone in two subregions…The imposed austerity will itself not only cause hardship in the afflicted countries but also weaken the European economy and undermine support for European integration. And brinkmanship carries with it a risk: in waiting too long or demanding too onerous conditions, the Eurozone may face a crisis far worse than that which it has experienced so far”.