re: #33 The Very Reverend Battleaxe of Knowledge
As I’ve said before, the EU has members like Greece, we have “members” like Alabama. If they’re really going to be a “Union”, they need to get used to the idea.
What if we had to go through this drama every year just because Alabama pays less than it gets?
And we would, if Alabama were a sovereign nation that could borrow in a currency that it doesn’t control.
If Greece had been borrowing in Drachmas, the collapse of the Drachma would devalue its debt as well. But its debt is in a currency the value of which is driven by much larger and more vibrant economies.