Courtesy of Mish.
The stubbornness of economic writers, nannycrats, and eurocrats is nothing short of amazing.
No matter how many times Merkel rejects eurobonds and other transfer mechanisms, the vast preponderance of economic writers, nannycrats, and eurocrats keep proposing the same futile actions, over and over, and over again.
For example, Financial Times columnist Wolfgang Münchau writes How to build a fiscal union to save the eurozone.
One does not even have to read the article to know his proposal will never fly. Nonetheless, I did suffer through it. My conclusion is “it will never fly”.
The reason it will not fly is that it requires both legislative changes and treaty changes, something rather obvious from the title I might add.
Would the German supreme court allow it? Of course not. Would all the Northern states vote for it in this economic malaise? Of course not. Would German citizens vote for it? Of course not.
Even if the answer to all those questions was different, here is one more key question:
Will the market wait for it? Of course not….
