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- Greg Palast, The Guardian

H Greg Palast, The Guardian

13th, 2012 Leave a comment Go to comments
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Robert Mundell:
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(28/7/12)

* Greg Palast

Greg Palast is an investigator of corporate fraud and racketeering turned journalist. He is the author
of New York Times bestseller The Best Democracy Money Can Buy, as well Democracy and
Regulation and Armed Madhouse; he also made the BBC documentary Bush Family Fortunes. His
latest book is Vultures Picnic: In Pursuit of Petroleum Pigs, Power Pirates and High-Finance
Carnivores (2012)
Robert Mundell, evil genius of the euro
For the architect of the euro, taking macroeconomics away from elected politicians and forcing
deregulation were part of the plan
The idea that the euro has failed is dangerously naive. The euro is doing exactly what its
progenitor and the wealthy 1%-ers who adopted it predicted and planned for it to do.
That progenitor is former University of Chicago economist Robert Mundell. The architect of
supply-side economics is now a professor at Columbia University, but I knew him through his
connection to my Chicago professor, Milton Friedman, back before Mundells research on currencies
and exchange rates had produced the blueprint for European monetary union and a common
European currency.
Mundell, then, was more concerned with his bathroom arrangements. Professor Mundell, who has
both a Nobel Prize and an ancient villa in Tuscany, told me, incensed:
They wont even let me have a toilet. Theyve got rules that tell me I cant have a toilet
in this room! Can you imagine?
As it happens, I cant. But I dont have an Italian villa, so I cant imagine the frustrations of bylaws
governing commode placement.
But Mundell, a can-do Canadian-American, intended to do something about it: come up with a
weapon that would blow away government rules and labor regulations. (He really hated the union
plumbers who charged a bundle to move his throne.)
Its very hard to fire workers in Europe, he complained. His answer: the euro.
The euro would really do its work when crises hit, Mundell explained. Removing a governments
control over currency would prevent nasty little elected officials from using Keynesian monetary and

http://gkdata.gr/2012/07/13/h-%ce%bd%ce%bf%ce%bc%ce%b9%cf%83%ce%bc%ce...

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 H - Greg P... 6 16

fiscal juice to pull a nation out of recession.

It puts monetary policy out of the reach of politicians, he said. [And] without fiscal policy, the
only way nations can keep jobs is by the competitive reduction of rules on business.
He cited labor laws, environmental regulations and, of course, taxes. All would be flushed away by
the euro. Democracy would not be allowed to interfere with the marketplace or the plumbing.
As another Nobelist, Paul Krugman, notes, the creation of the eurozone violated the basic economic
rule known as optimum currency area. This was a rule devised by Bob Mundell.
That doesnt bother Mundell. For him, the euro wasnt about turning Europe into a powerful, unified
economic unit. It was about Reagan and Thatcher.
Ronald Reagan would not have been elected president without Mundells influence, once wrote
Jude Wanniski in the Wall Street Journal. The supply-side economics pioneered by Mundell became
the theoretical template for Reaganomics or as George Bush the Elder called it, voodoo
economics: the magical belief in free-market nostrums that also inspired the policies of Mrs
Thatcher.
Mundell explained to me that, in fact, the euro is of a piece with Reaganomics:
Monetary discipline forces fiscal discipline on the politicians as well.
And when crises arise, economically disarmed nations have little to do but wipe away government
regulations wholesale, privatize state industries en masse, slash taxes and send the European welfare
state down the drain.
Thus, we see that (unelected) Prime Minister Mario Monti is demanding labor law reform in Italy
to make it easier for employers like Mundell to fire those Tuscan plumbers. Mario Draghi, the
(unelected) head of theEuropean Central Bank, is calling for structural reforms a euphemism for
worker-crushing schemes. They cite the nebulous theory that this internal devaluation of each
nation will make them all more competitive.
Monti and Draghi cannot credibly explain how, if every country in the Continent cheapens its
workforce, any can gain a competitive advantage.
But they dont have to explain their policies; they just have to let the markets go to work on each
nations bonds. Hence, currency union is class war by other means.
The crisis in Europe and the flames of Greece have produced the warming glow of what the supplysiders philosopher-king Joseph Schumpeter called creative destruction. Schumpeter acolyte and
free-market apologist Thomas Friedman flew to Athens to visit the impromptu shrine of the burntout bank where three people died after it was fire-bombed by anarchist protesters, and used the
occasion to deliver a homily on globalization and Greek irresponsibility.
The flames, the mass unemployment, the fire-sale of national assets, would bring about what
Friedman called a regeneration of Greece and, ultimately, the entire eurozone. So that Mundell
and those others with villas can put their toilets wherever they damn well want to.
Far from failing, the euro, which was Mundells baby, has succeeded probably beyond its
progenitors wildest dreams

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http://www.guardian.co.uk/commentisfree/2012/jun/26/robert-mundell-evil-genius-euro
@@@@
Greg Palast :

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1.

15th, 2012 at 12:50 | #1
Reply | Quote
Chris Hayes, Twilight
of the Elites: America after Meritocracy( :
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15th, 2012 at 12:55 | #2
Reply | Quote
Paul Krugman V.I.P.;
: 14/07/2012 07:12
http://www.tovima.gr/opinions/article/?aid=466856
V.I.P.; V.I.P. ,

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15th, 2012 at 15:15 | #3
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15th, 2012 at 15:51 | #4
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15th, 2012 at 21:08 | #5
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15th, 2012 at 23:22 | #6
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16th, 2012 at 01:03 | #7
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Anon
20th, 2013 at 10:22 | #8
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It puts monetary policy out of the reach of politicians,
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21st, 2013 at 12:44 | #9
Reply | Quote
@Anon

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