{"id":852,"date":"2012-07-24T17:08:24","date_gmt":"2012-07-24T15:08:24","guid":{"rendered":"http:\/\/www.pauljorion.com\/blog_en\/?p=852"},"modified":"2012-07-24T21:41:33","modified_gmt":"2012-07-24T19:41:33","slug":"the-only-remaining-means-of-saving-the-euro","status":"publish","type":"post","link":"https:\/\/www.pauljorion.com\/blog_en\/2012\/07\/24\/the-only-remaining-means-of-saving-the-euro\/","title":{"rendered":"THE ONLY REMAINING MEANS OF SAVING THE EURO<\/b>"},"content":{"rendered":"

Translated from the French<\/a> by Tim Gupwell<\/p><\/blockquote>\n

In my articles here, I generally address myself to anyone who wants to read me, but just this once, I would like to direct my address to my fellow financial engineers, and moreover in a tone – also just this once – of provocation which is blatant but, let us hope, efficient as well.<\/p>\n

Here we go: a monetary zone has to be able to default in its entirety and restructure its debt (namely, to be able to say, \u201cI can only pay back X centimes for every Euro I have borrowed\u201d) and it also has to be able to re-evaluate its currency, and, in particular, to be able to devalue it.<\/p>\n

The Eurozone has deprived itself of these two medicines. Hardly surprising then that today it is terminally ill.<\/p>\n

The Solution:<\/span> next Sunday evening (before Tokyo opens), the entire debt for all 17 countries in the Eurozone will be re-baptized Eurodebt<\/em> (French OAT bonds, German Bunds, etc.) and the following minute, the Eurozone as a whole will default.<\/p>\n

On Monday morning, the Eurodebt<\/em> will be restructured (in one go) and the exchange rate between the Euro and other currencies will be allowed to adjust naturally.<\/p>\n

The Eurozone will have carried out its metamorphosis. It will now be able to function like any other ordinary monetary zone. It will have been saved.<\/p>\n

PS<\/span>. Would all those commentators who are likely to say that we would be better off not saving the Euro please take your comments elsewhere; I am not talking here of either a \u2018for\u2019 or an \u2018against\u2019.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Translated from the French<\/a> by Tim Gupwell<\/p>\n<\/blockquote>\n

In my articles here, I generally address myself to anyone who wants to read me, but just this once, I would like to direct my address to my fellow financial engineers, and moreover in a tone – also just this once – of provocation which is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","footnotes":""},"categories":[5,87],"tags":[145,260],"class_list":["post-852","post","type-post","status-publish","format-standard","hentry","category-economy","category-europe","tag-euro","tag-europe"],"_links":{"self":[{"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/posts\/852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/comments?post=852"}],"version-history":[{"count":3,"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/posts\/852\/revisions"}],"predecessor-version":[{"id":855,"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/posts\/852\/revisions\/855"}],"wp:attachment":[{"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/media?parent=852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/categories?post=852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pauljorion.com\/blog_en\/wp-json\/wp\/v2\/tags?post=852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}