Wednesday, January 11, 2012

Teutonic versus Latin Banking Regimes

Prof Walter Russell Mead wrote the following today in The American Interest:
Germany is in big trouble in Europe, and the Franco-Italian coalition is going to make things much tougher. Germany’s ultimate choice may well lie between submitting to a fundamentally Latin currency regime with a few Teutonic decorations and the division of Europe into two or more currency zones.
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Insignia of the Teutonic Order by Arnaud Bunel

The ongoing struggle between northern and southern Europe reaches back to biblical times. I doubt that the Germans can convert France and Italy, let alone Spain, Portugal, and Greece, to its monetary banking regimes in the near-term. Dark times may be descending upon much of Europe.

Source: Mead, Walter Russell, (2012, January 11), Europe: The New German Nightmare Begins, The American Interest.

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