While it’s true that some religious conservatives may see the Euro as the replacement mark of the best for the UN, Common Market, etc., there’s also serious issues involved.
That’s why, as I posted on Washington Monthly:
This isn’t a conservative vs. liberal talking point, though, Steve.
If the EU is right on its inflation worries, and wanting more Obama financial regulation legislation first, and only then more stimulus plans, the euro looks like a better and better alternative world currency. And rightly so.
No wonder both China and Russia are pushing it.
Too bad neither Steve nor any of the posters here get that.
Especially when the Eurozone is the world’s largest economy, maybe we should listen to somebody outside our own echo chamber a little more often.
And, I’ve already gotten a response there from people who think “my country, right or wrong,” on fiscal policy. One person said, in essence, “no, it’s JUST a social/religious issue. To which, I say:
It’s a geopolitical talking point, as well as an economic one, that has also been made into a religious and social conservative talking point.
And, the fact that it has been made into that in no way negates the actual news, and newsworthy, background, of this.
1. Russia, as well as China, has mentioned the second reserve currency idea. While Beijing still likes to be low-key in leveraging its muscle, nobody's ever leveraged that accusation at Moscow.
2. Re the European Central Bank and the idea of the Euro as a second reserve currency? No, it's not perfect. But, is the Fed? Errr...
3. Let's not forget the eurozone, for all its faults, IS the world's largest economy, and may well be for years to come. Maybe we should listen to somebody outside our own echo chamber a little more often.
4. Given that the BushCo SEC promised more financial regulation and then didn’t deliver, I don’t blame the EU for saying, in essence, “Fool me once, shame on you; fool me twice, shame on me.”
Meanwhile, as people like Glenn Greenwald also know, plenty of pseudoprogressive will salute whatever Obama runs up the flagpole.
That said, might I be wrong about the fiscal policy of the ECB, etc.? Of course. But, we have no guarantee somebody like Paul Krugman is right when he bashes the EU and ECB, and I get tired of the “my country right or wrong,” let alone the, “my Obama, right or wrong,” view of international finance. It’s almost as simplistic as the conservativism it professes to stand against.
And, one final note. Although I can appreciate the gamesmanship of politics, indeed, even its chess-like strategy, nonetheless, people like Benen, as part of looking at it through the two-party duopoly lens first, the broader political ideas lens second, make it a zero-sum game, duopoly players the only ones who need apply.
That's why it's going to be a long four years with mainstream liberal bloggers like him.
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