{"id":32718,"date":"2012-05-27T02:00:36","date_gmt":"2012-05-27T02:00:36","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/tyler_cowen-a_power_vacuum_is_killing_the_euro_zone\/"},"modified":"2012-05-27T02:00:36","modified_gmt":"2012-05-27T02:00:36","slug":"tyler_cowen-a_power_vacuum_is_killing_the_euro_zone","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=32718","title":{"rendered":"Tyler Cowen&#8211;A Power Vacuum Is Killing the Euro Zone"},"content":{"rendered":"<p> The basic problem is that many people won\u2019t keep their euros in a Greek bank, and perhaps not in a Spanish bank, either, when those euros can be moved to Germany or some other haven.<\/p>\n<p>Yet German citizens do not appear ready to guarantee Spanish banks or, by extension, the whole credit system of Spain and the other periphery nations. Guarantees of that scope are probably impossible and may also require constitutional changes in some nations.<\/p>\n<p>We thus face the danger that the euro, the world\u2019s No. 2 reserve currency, could implode.  Such an event wouldn\u2019t be just another depreciation or collapse of a currency peg; instead, it would mean that one of the world\u2019s major economic units doesn\u2019t work as currently constituted.<\/p>\n<p><a href=\"http:\/\/www.nytimes.com\/2012\/05\/27\/business\/economy\/in-the-euro-zone-a-lethal-vacuum-economic-view.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The basic problem is that many people won\u2019t keep their euros in a Greek bank, and perhaps not in a Spanish bank, either, when those euros can be moved to Germany or some other haven. Yet German citizens do not<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=32718\">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":[40,50,460,582,589,595,592,149,591,200,590,144,478,151,585,596],"tags":[],"class_list":["post-32718","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-international-news-commentary","category-european-sovereign-debt-crisis-of-2010","category-consumerconsumer-spending","category-corporationscorporate-life","category-credit-markets","category-currency-markets","category-economy","category-euro","category-europe","category-european-central-bank","category-foreign-relations","category-germany","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\/32718","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=32718"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/32718\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}