{"id":18398,"date":"2016-03-02T20:15:56","date_gmt":"2016-03-03T01:15:56","guid":{"rendered":"http:\/\/olduvai.ca\/?p=18398"},"modified":"2016-03-02T20:15:56","modified_gmt":"2016-03-03T01:15:56","slug":"former-bank-of-england-governor-says-eurozone-must-break-up","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=18398","title":{"rendered":"Former Bank of England Governor Says Eurozone Must Break Up"},"content":{"rendered":"<h3 class=\"story-title entry-title\"><a href=\"https:\/\/www.mises.ca\/former-bank-of-england-governor-says-eurozone-must-break-up\/\" target=\"_blank\">Former Bank of England Governor Says Eurozone Must Break Up<\/a><\/h3>\n<div id=\"right-content\" class=\"relative\">\n<div id=\"content-area\" class=\"left relative\">\n<p>From today\u2019s Open Europe news summary:<\/p>\n<p><strong>FORMER BANK OF ENGLAND GOVERNOR WARNS EUROZONE MUST BREAK UP IF SOME MEMBERS ARE EVER TO PROSPER AGAIN<\/strong><\/p>\n<p>In his new book, former Governor of the Bank of England Lord Mervyn King warns, \u201cPut bluntly, monetary union has created a conflict between a centralised elite on the one hand, and the forces of democracy at the national level on the other\u2026This is extraordinarily dangerous.\u201d He adds that the measures aimed to keep the Eurozone together, such as bail-outs, \u201cWill lead to not only an economic but a political crisis.\u201d Lord King argues that the Eurozone must \u201cface up\u201d to its problems and the fact that some countries can only prosper again outside. Lord King accepts that \u201cthe counter-argument \u2013 that exit from the euro area would lead to chaos, falls in living standards and continuing uncertainty about the survival of the currency union \u2013 has real weight\u201d, but sees little alternative for the struggling states.<\/p>\n<p class=\"ecxsources\">Source:\u00a0<a class=\"source\" href=\"http:\/\/www.telegraph.co.uk\/business\/2016\/02\/28\/mervyn-king-the-eurozone-is-doomed\/\" target=\"_blank\">The Daily Telegraph<\/a><\/p>\n<p class=\"ecxsources\"><em>The fall in living standards would be temporay. A breakup of the euro will stop the consumption of capital that is made possible by the Eurozone\u2019s bailout policies. The profligate countries of Europe would no\u00a0longer have \u201clegal\u201d access to other people\u2019s capital, namely Germany\u2019s. They would have to reform their economies and live within their own, and not someone else\u2019s, means. A breakup of the Eurozone would save Europe from its current socialist, capital-consuming structure.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Former Bank of England Governor Says Eurozone Must Break Up From today\u2019s Open Europe news summary: FORMER BANK OF ENGLAND GOVERNOR WARNS EUROZONE MUST BREAK UP IF SOME MEMBERS ARE EVER TO PROSPER AGAIN In his new book, former Governor of the Bank of England Lord Mervyn King warns, \u201cPut bluntly, monetary union has created [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[12713,56,4329,3660,279,285,12712,7617],"class_list":["post-18398","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-governor","tag-bank-of-england","tag-currency-union","tag-daily-telegraph","tag-eu","tag-eurozone","tag-mervyn-king","tag-mises-institute"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18398"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18398\/revisions"}],"predecessor-version":[{"id":18399,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18398\/revisions\/18399"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}