Tuesday, July 14, 2015

Nigel Farage on the EU and Greek Crisis

Some very good points here, but Farage goes wrong when he fails to see that Greece can protect its banks by just converting domestic deposits into drachmas from Euros. Bill Mitchell has a better analysis of the need for a “Grexit” here.

Another minor point: real GDP collapse in the US in the Great Depression was about 25%, not 16% (as Farage says). A nice graph comparing Greece from 2008 to 2015 and the US in the Great Depression can be seen here.

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