tag:blogger.com,1999:blog-5713178645208582139.post7727062352421257063..comments2024-03-17T03:26:42.785-05:00Comments on Macro Musings Blog: More on the Eurozone ChallengesDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5713178645208582139.post-45223537777633135202010-02-16T09:00:20.345-06:002010-02-16T09:00:20.345-06:00"Imagine Texas refusing to allow its tax reve..."Imagine Texas refusing to allow its tax revenues to flow to the union-laced Michigan economy"<br /><br />I am quite sure that would go down very well at a Texas Tea Party rally. The governor of Texas already talked about secession last April.ECBnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-58587312728881969712010-02-15T16:06:15.685-06:002010-02-15T16:06:15.685-06:00Okay, given that labor markets and wages/prices ar...Okay, given that labor markets and wages/prices are more flexible in the U.S the fiscal transfer criteria (i.e. common treasury) is probably less binding here. Still, it would be hard to imagine the Fed doing what it does today if, say, the Articles of Confedaration were still the U.S. constitution.<br /><br />I think issue with just maintaining nominal expenditure growth in EU is that ECB wouldDavid Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-20183932107259904842010-02-15T15:10:17.707-06:002010-02-15T15:10:17.707-06:00David:
Perhaps I am wrong, but the U.S. dollar cu...David:<br /><br />Perhaps I am wrong, but the U.S. dollar currency union survived a variety of state government defaults.<br /><br />When the Democrats would win the election in a state and say, hell no we aren't paying off those Whig bonds used to build roads and dams and line the pockets of Whig political supporters--the result was that investors in those bonds took a loss. <br /><br />Bill Woolseyhttps://www.blogger.com/profile/06330232724290161369noreply@blogger.com