{"id":29003,"date":"2011-10-28T03:40:21","date_gmt":"2011-10-28T03:40:21","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/ambrose_evans-pritchard-europes_punishment_union\/"},"modified":"2011-10-28T03:40:21","modified_gmt":"2011-10-28T03:40:21","slug":"ambrose_evans-pritchard-europes_punishment_union","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=29003","title":{"rendered":"Ambrose Evans-Pritchard&#8211;Europe\u2019s Punishment Union"},"content":{"rendered":"<p>As Sir John Major wrote this morning in the FT, this does not solve EMU\u2019s fundamental problem, which is the 30pc gap in competitiveness between North and South, and Germany\u2019s colossal intra-EMU trade surplus at the expense of Club Med deficit states.<\/p>\n<p>It is therefore unlikely to succeed. It means that Italy, Spain, Portugal, et al must close the gap with Germany by austerity alone, risking a Fisherite debt deflation spiral. As I have written many times, this is a destructive and intellectually incoherent policy, akin to the 1930s Gold Standard. It risks conjuring the very demons that Mrs Merkel warns against.<\/p>\n<p><a href=\"http:\/\/blogs.telegraph.co.uk\/finance\/ambroseevans-pritchard\/100012860\/europe%E2%80%99s-punishment-union\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Sir John Major wrote this morning in the FT, this does not solve EMU\u2019s fundamental problem, which is the 30pc gap in competitiveness between North and South, and Germany\u2019s colossal intra-EMU trade surplus at the expense of Club Med<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=29003\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,50,460,595,592,149,591,200,590,144,468,478,454,151,585,596],"tags":[],"class_list":["post-29003","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-international-news-commentary","category-european-sovereign-debt-crisis-of-2010","category-credit-markets","category-currency-markets","category-economy","category-euro","category-europe","category-european-central-bank","category-foreign-relations","category-france","category-germany","category-greece","category-politics-in-general","category-the-banking-systemsector","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/29003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29003"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/29003\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}