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submitted 9 months ago by GlueBear@hexbear.net to c/news@hexbear.net

The brokest hoes be the loudest gangster-spongebob

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[-] queermunist@lemmy.ml 79 points 9 months ago

a region with currency sovereignty running out of money

Gibberish.

[-] CyborgMarx@hexbear.net 63 points 9 months ago

Eurozone countries don't have currency sovereignty, that was the whole point of the Euro, to "discipline" states and prevent them from spending by putting the printing press in Frankfurt

[-] queermunist@lemmy.ml 52 points 9 months ago* (last edited 9 months ago)

Individual Eurozone countries can run out of money, yes, but that's not what the finance minister said.

The finance minister said "Europe" has run out of money, which is gibberish.

[-] Kaplya@hexbear.net 55 points 9 months ago* (last edited 9 months ago)

The EU countries under eurozone has no currency sovereignty because money creation is subjugated to the European Central Bank but every member state has their own separate fiscal policies, and the ECB has no mechanism to absorb the imbalances between different member states.

It will go down in history as one of the stupidest ideas humankind has ever implemented in practice.

But in reality it’s not so “stupid” because neoliberal bankers in the rich countries like France and Germany made a lot of profit out of it, and will use this “running out of money” excuse to impose austerity and extract even more wealth and funnel them to the very top 0.1%.

[-] Dolores@hexbear.net 42 points 9 months ago

money creation is subjugated to the European Central Bank but every member state has their own separate fiscal policies, and the ECB has no mechanism to absorb the imbalances between different member states

wait fr? they can't just coordinate printing more money? what a bunch of jokers lmao

[-] davel@hexbear.net 49 points 9 months ago

The Euro was designed by the US to fuck over Europe, and the European private banks went along with it because it put them in virtually completely control.

The Eurozone was designed to foreclose on Keynesian economics and ensure neoliberalism.

[-] IzyaKatzmann@hexbear.net 17 points 9 months ago

yo any reading or resources you could help me out with on this?

[-] davel@hexbear.net 10 points 9 months ago

I’ve read & heard it from Michael Hudson, Yanis Varoufakis, and Radhika Desai. Maybe the first time I heard the history of it was in an early episode of Geopolitical Economy Hour.

[-] queermunist@lemmy.ml 28 points 9 months ago

But he specifically said Europe is running out of money. If he means France is running out of money, that's a different problem because it's like you said. It's actually quite similar to how the US has currency sovereignty but individual US states have to have balanced budgets.

[-] johnmccainstumor@hexbear.net 17 points 9 months ago

Europe really should be ruled by Moscow as a colony. No money printing, no voting, just give it to them! THEY WANT IT! I WANT IT!

[-] ClimateChangeAnxiety@hexbear.net 10 points 9 months ago

Can Florida also be run this way

[-] fox@hexbear.net 7 points 9 months ago

Within 50 years Florida will be more or less annexed by Atlantis

[-] wtypstanaccount04@hexbear.net 1 points 9 months ago

Putin would still be a better leader of Florida than Desantis, so

[-] plinky@hexbear.net 16 points 9 months ago

buy our bonds we might not freeze them, if you behave

things countries with export surplus like to hear

this post was submitted on 25 Feb 2024
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