Southern Europe Must Revolt Against Price Stability

It’s time for a revolution in the eurozone; the time for polite discussion has ended. What is at stake is not a percent or two of economic growth in the South, but rather the difference between a future of prosperity and a future of depression. The mindless happy talk of unity, solidarity and an ever closer union is now irrelevant and in bad taste. People are eating out of trash bins, and an entire generation is living on the dole.

If the South continues to permit the North to administer the poisonous medicine of monetary deflation and fiscal austerity, it will suffer needlessly for years. Yes, we all know that the ECB was modeled after the Bundesbank and part of the deal for Germany was that the euro would be as strong as the mark. But that was then, and this is now.