Re: Re: Much ado about nothing?

This looks like a good time to advertise my book, "The Origins & Evolution
of the Single Market in Europe" (Ashgate, London, 1999). I've also recently
drafted a short article on the Maaastricht Treaty and the EMU, which is
attached.
I look forward to any comments.
Regards, Bill.
----- Original Message -----
From: Warren Mosler <mosler@rocketmail.com>
To: <she_forum@adam.itk.ntnu.no>
Sent: Tuesday, February 11, 2003 4:44 PM
Subject: Re: [HE] Re: Much ado about nothing?

>
>
> >
> > It is possible under this arrangement for the ECB to
> > "bounce government
> > cheques" that were
> > issued by a "rogue" (to use terminology seemingly in
> > vogue at present)
> > states who were intent
> > on pursuing full employment via appropriate levels
> > of net government spending.
>
> Even worse than that.
>
> The way I read it the ecb is required to bounce
> member govt checks if their is insufficient funds
> in their account under the 'no bailout' provisions.
>
> >
> > The possibility refers to there being little the
> > Treasury in that state
> > could do.
> >
> > It is an example of a voluntary restraint being
> > imposed on states by
> > themselves (by entering
> > the agreement) to curb the power they hold as a
> > result of being the
> > monopoly issuers of
> > their own currency. why they would do it is another
> > question. totally
> > irrational in fact.
>
> economically irrational, but politically it was the
> only
> path to unity!
>
> warren
>
>
> ===> http://www.mosler.org
> http://www.moslerauto.com
>
> Primary email contact: wmosler@mosler.org
>
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