Nike mask worn by Hilary Rhoda
Photographed by Olivia Bee
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The statistics sound shady… If they are correct, though, the US needs an enema
And so North America becomes South.
Who can’t sympathyze?
Para salvar a saúde financeira do viciado em narcóticos, o sindicato dos viciados em narcóticos propõe que todos os viciados em narcóticos se unam para contrair empréstimo conjunto para comprar mais narcótico. A garantia? Sua reputação estelar. Wake up and smell the coffee,buddy: she’s gone, way gone.
To stop this negative dynamic on its tracks Europe needs a common eurobond which represents debt taken out on behalf of the eurozone as a whole with no separate assignments of parts of this debt (at differential interest rates and in the face of differential default probabilities) to different member-states. “But then who will guarantee these eurobonds?” I hear the bond vigilantes ask in earnest. Our suggestion, in the Modest Proposal, is simple: If the ECB issues these eurobonds in order to fund the servicing of tranches of member-states’ existing bonds and, at the same time, opens debit accounts for member-states where the latter will make their long term repayments to the ECB (at interest rates reflecting the ECB-issued eurobonds), then the ECB’s sterling reputation in the global money markets (aided by the common knowledge that, in the final analysis, the ECB has the capacity to monetise debts) will ensure that no further guarantees will be necessary: Investors will flock to buy the ECB’s eurobonds and to fund Europe’s debt relief and recovery (especially under Policy 3 of the Modest Proposal).