May 30, 2012

Ireland Will Crater in the Eurozone

David McWilliams, Irish Independent

AP Photo

In early 1931, the German government under the stewardship of its finance minister, Bruhning, was facing an enormous economic challenge. The economy was contracting rapidly but Germany was dependent on loans from the US to maintain the Gold Standard's exchange rate. In order to qualify for these loans, the Germans followed orthodox policies, the sort that peripheral Europe is following now, to stay in the monetary union.

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TAGGED: Eurozone, Ireland

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