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At Times Of Recession, Running A Budget Deficit Is Highly Desirable. Once The Economy Begins To Recover, You Have To Balance The Budget. But It Will Also Need Additional Revenues. Should The Government Not Receive Them, We Will All Get Punished With Higher Interest Rates.

A Global Economy Is Characterized Not Only By The Free Movement Of Goods And Services But, More Important, By The Free Movement Of Ideas And Of Capital.

This Is The Joint Responsibility Of Everyone Who Was Involved In The Introduction Of The Euro Without Understanding The Consequences. When The Euro Was Introduced, The Regulators Allowed Banks To Buy Unlimited Amounts Of Government Bonds Without Setting Aside Any Equity Capital. And The European Central Bank Discounted All Government Bonds On Equal Terms. So Commercial Banks Found It Advantageous To Accumulate The Bonds Of The Weaker Countries To Earn A Few Extra Basis Points.

The Bureaucratic Method Of Building An Integrated Europe Has Exhausted Its Potential.

The Reality Is That Financial Markets Are Self-destabilizing; Occasionally They Tend Toward Disequilibrium, Not Equilibrium.