The euro is a hybrid of a fixed exchange-rate regime, like the 1980s ERM or the 1930s gold standard, and a state currency.
The social inefficiency of capitalism is going to clash at some point with the technological innovations capitalism engenders, and it is out of that contradiction that a more efficient way of organising production and distribution and culture will emerge.
Bankruptocracy is as much a European predicament as it is an American 'invention.' The difference between the experience of the two continents is that at least Americans did not have to labour under the enormous design faults of the eurozone.
Berlin has traditionally backed a rules-based eurozone in which every member state is responsible for its own finances, including bank bailouts, with political union limited to a fiscal overlord's possessing veto power over national budgets that violate the rules.
I will not contest my parliamentary seat in a sad election that will not produce a Parliament capable of endorsing a realistic reform agenda for Greece.
Every non-Marxist economic theory that treats human and non-human productive inputs as interchangeable assumes that the dehumanisation of human labour is complete. But if it could ever be completed, the result would be the end of capitalism as a system capable of creating and distributing value.
