For the architect of the euro, taking macroeconomics away from elected politicians and forcing deregulation were part of the plan
Read it at The Guardian (UK)
Robert Mundell, evil genius of the euro by Greg Palast | guardian.co.uk Palast Nails it, as usual. Turns out he knew Mundell and got the story from his lips to Palast's ear. If this doesn't knock your socks off, you aren't wearing any. I have hammering on this for some time, as readers here know. The EZ "experiment is the neoliberal game plan for globalization that transcends democracy and establishes the rule of international institutions committed to neoliberal principles. Except when events go against their interests, then use their influence over government to force government bailouts of "an indispensible financial sector that transcends national boundaries." And yes, the US did bail out several foreign banks considered "to big to fail." Here's what I wrote in comment over at MMR:
Tom Hickey June 27, 2012 at 1:19 pm Mike, I have been warning for some time‚ decades, that the neoliberal thrust is for an international economic system that transcends governments and is controlled by the global elite. They don’t mind disasters occurring, since they never let crisis go to waste and even use crisis as a tool to advance their agenda.
The EZ-EMU is a brazen step in that direction, specifically designed for that purpose. Which is why the elite is resistant to any solution that does not move their agenda forward. While the breakdown of the EZ is “unthinkable,” it will happen if elites find that they cannot control the process any longer. They will just shift course and organize the rubble [I should have added here, at two cents on the dollar, euro, or whatever].
This may sound like the New World Order conspiracy theory but it is the opposite. The NWO conspiracy theory is aimed against world socialism and the UN as a world government that will deprive the US of national sovereignty.
This nwo is designed to make sovereignty irrelevant wrt multinational interests under the control of the global elite that controls “capital.’ National sovereignty remains in place legally but it doesn’t affect elite interests, since elites can manipulate govts through capture and just go above them in terms of economic-financial global infrastructure.
This is the opposite of “socialism” and the logical outcome of “capitalism” as monopoly capital.