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http://www.thejournal.ie/readme/column-ireland-we-need-to-talk-about-europe/

“The problem with the Lisbon Treaty and the entire attitude of the majority political classes throughout the Eurozone is summed up in that slogan “Yes to jobs”.

The problem being that it was a monstrous LIE. There were & are absolutely NO policies or commitment to anywhere near full employment. What we have instead is a race to the bottom, ‘winner take all’ structure. A structure designed into the fabric of the monetary union. And there seems not the slightest interest in addressing this, even whilst, as it inevitably would, threaten to blow apart the whole project.

A properly functioning monetary union (which we demonstrably do not have) cannot work without significant elements of fiscal & political union. Nor can it work without a clear recognition that there are inherent & largely immutable economic & productivity imbalances between countries, just as there are now such imbalances between regions within those countries.

This means, just as, say, the wellbeing of citizens of Co. Kerry matters as much as those of Dublin, the wellbeing of citizens of ‘peripheral’ or smaller states must matter just as much as those of far more industrialised Germany. On the agreed basis that the ‘whole’ is far more prosperous than the sum of otherwise separate parts. Different activities, whilst equally important to the whole, have different economic value in pure monetary terms. Is it sensible, feasible or even desireable that each region in Ireland or each state with the Eurozone become carbon copies of each other down the last detail & cent of economic activity? No, it isn’t, it’s insane.

Yet that is the underlying assumption of how the Eurozone was intended to ‘converge’. We see the results. The inherent imbalances became amplified. Those states least able to ‘fit’ – become, essentially economic activity copies of dominant states like Germany – are being punished & left behind to rot with the debilitating disease of high unemployment & austerity.

This would not be acceptable behaviour toward regions within our own country. And it should not be within Eurozone states. Yet, such mathematically inconsistent nonsense as even more stringent ‘Stability & Growth Pact’ convergence is all that’s being – highly undemocratically – discussed in the ‘core’ states.

For a monetary union to work it must have harmonisation in public services spending, and at least aggregate elements of tax . But it must also have a clear commitment to fiscal transfers wherever they are needed. It must also have a clear strategy and commitment to (near) full employment in all states. This latter is our key guarantee that no one gets left behind.

It’s perfectly doable, albeit not remotely within the idiotic, ideologically disguised charter for the rich (only), that passes for mainstream macro economics ‘thinking’ today. Specifically, a (near minimum wage) Job Guarantee scheme, available to every eurozone citizen that becomes unemployed. It can be funded, debt-free, by a properly functioning central bank – +issuer+ of currency (ECB) – at no cost to citizens. When there are available idle resources, unemployed, to be hired, money ‘creation’ for this purpose does +not+ cause excess inflation. When the business cycle picks up again, Job Guarantee workers will be drawn back into private sector jobs by the new vancies & higher wages offered & net money creation is reduced.

The bottom line is, that if a monetary union cannot underpin it’s social purpose with robust guarantees of a reasonable wage for all, it will fail, sooner or later.

Ireland should be putting forward such proposals urgently to the ‘core’. And if the ‘core’ are not interested, as now, Ireland shoulkd leave the Euro & pursue its own transformation of past failed economics thinking toward fulfilling a proper social purpose. And yes, a euro exit is pefectly possible, defaulting on the ‘odious’ debts that it should never have been forced to bear alone for the EMU’s collective failure:

http://www.nakedcapitalism.com/2011/11/moslerpilkington-a-credible-eurozone-exit-plan.html

I like it: three clear demands that, with a bit of rephrasing to make them punchier, should be repeated again and again and spread as widely as possible until ‘they’ get it – and if they don’t, could form the main planks of a new broad-based political movement.

There is common cause. This (slightly rambling) post nets out at about 3 clear policies which should unite the 99%:

http://www.zerohedge.com/contributed/majority-americans-including-both-ows-and-tea-party-agree-most-important-issues-%E2%80%A6-we-jus

1) Stop bailing out banks (we have too much Irresponsible LENDING, not just Irresponsible borrowing, so we must remove the Moral Hazard)
2) Prosecute the Fraud (where is our Eliott Spitzer?)
3) Restore Democracy to the people (rather than subject to lobbying & special interest groups)

Telegraph:
“even German bonds, Europe’s belt and braces gold standard, are under pressure today. Germany failed to get bids for 35pc of the 10-year bonds it sold in an auction today… The country was only able to get away €3.89bn of a sale with a maximum target of €6bn.

Neil Hume of the Financial Times says its a disaster. Via Twitter:

Twitter @humenm I cannot recall a worse auction, only EUR 3.889 Bln of bids in total fora EUR 6.0 Bln auction, and this is the new 10yr benchmark, and that is a cover of 0.65x. IF Germany can only manage this sort of participation, what hope for the rest. YIELDS are at completely the wrong level.”

As I said, vermin, but there are exceptions, like a few good apples in a rotten barrel.

Some great graphics :-

http://www.payplan.com/debt-news/2011/11/22/the-eurozone-debt-crisis-explained/