Hotel Europa
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Theodoor Rombouts( 1597-1637) Prometheus On Friday, in This is the End of the Euro, I said: The euro has become a cage, a prison for the poorer
[See the full post at: Hotel Europa]Hotel California; very good Ilargi; nailed it yet again.
We’re poor participants because we don’t pay attention.
I checked out before we couldn’t…pity the rest…It’s really not the rates but the rate of change. That Italy chart is going to break all the derivatives. That is, the unbacked, unallocated insurance bets. Perhaps that’s the point because it’s been long since anyone told the truth.
Did the U.S. have a transfer mechanism? Essentially no. It was meant to be the next thing up from a toothless confederacy that left all the power in the hand of the states (or the people). So New York was NOT going to be transferring money to South Carolina any time soon. However, it’s not entirely off-base. One of Armstrong’s hobby horses, since the EU leaders did in fact buy his financial advice when the Euro was created, was that Hamilton forced the states to consolidate debts — war debts, “federal” debts while still retaining state debts too in one of the hardest fought negotiations in U.S. history. This gave the bonds somewhere to go instead of breaking Delaware over the “currency”, or in this case bonds, of Virginia. At the same time, there was no ‘transfer” or any intent to do any such thing. That belongs to the socialist state that didn’t come in until Weimar, 1913, and Wilson’s Progressives.
Then very slowly they began to tax states away and give to poor states, which is essential to have an outsized government that can collapse. States now bow to you to get that money, and bid on legislation and loopholes for donors, for states, for interests, and everything becomes for sale, but especially the Republic itself, and any fairness therein. Since Sitting Bull was on the Reservation back then and the Wright brothers hadn’t flown, it’s hard to remember there was any different time and sharply different ways. So yes? Thanks to Hamilton. But no? Thanks to virtually everybody else, but especially the South — that was not the premise of the new United States, but independence, self-sufficiency, and equality under the law. …At least as a common goal.
It’s the very idea of debts, much less transfers to the unworking, they would find appalling. Bad for liberty, bad for spirit, bad for efficiency. For the borrower is forever the servant of the lender.
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