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by kaonashi
2410 days ago
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https://www.lrb.co.uk/v14/n19/wynne-godley/maastricht-and-al... >If a country or region has no power to devalue, and if it is not the beneficiary of a system of fiscal equalisation, then there is nothing to stop it suffering a process of cumulative and terminal decline leading, in the end, to emigration as the only alternative to poverty or starvation. |
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