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June 6, 2012

Is the Globe Headed for Depression?

Martin Wolf, Financial Times

AP Photo

How much pain can the countries under stress endure? Nobody knows. What would happen if a country left the euro zone? Nobody knows. Might even Germany consider exit? Nobody knows. What is the long-run strategy for exit from the crises? Nobody knows. Given such uncertainty, panic is, alas, rational. A fiat currency backed by heterogeneous sovereigns is irremediably fragile.

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TAGGED: Eurozone, Spain, United States, Europe, Greece, Germany

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