Erwan MAHÉ 00 33 1 53 05 57 Allocation d'Actifs et Stratégies d'Options
Isegoria Rules!
The Euro, a false Modern Money?
A few economists like Wynne Godley, L.Randall Wray, Warren Mosler, and Stephanie Bell had clearly predicted the procyclical, deflationist and self-defeating nature of the institutional arrangements of the common currency. After taking a hard look at the mechanisms regulating the relationship between the new monetary body (the ECB) and fiscal authorities (the national governments), they concluded that a single narrow liquidity crisis would evolve into a sequence of wildfires, engulfing banking systems and the weakest sovereign debts.
It seems we are now in the midst of the real thing…