Bleed the Foreigner
The economists’ commonplace that a monetary union demands a fiscal union is only part of a much deeper truth about debt and obligation. Debt is rarely sustainable if there is not some sense of communal or collective responsibility.
https://prosyn.org/U4Kc02V
PRINCETON – Today, the world is threatened with a repeat of the 2008 financial meltdown – but on an even more cataclysmic scale. This time, the epicenter is in Europe, rather than the United States. And this time, the financial mechanisms involved are not highly complex structured financial products, but one of the oldest financial instruments in the world: government bonds.