Unusual plea for consideration of the German people from the Telegraph. Ambrose Evans Pritchard has sympathy for Germany and thinks it should leave the Euro in “an orderly way” (is that possible?). What happens to the remaining euro-zone countries, Ambrose? Any sympathy for us?
…But this is where Germany now is. It must either immolate itself and dismantle the Bismarckian state for the cause of EMU, or prepare to finance an orderly withdrawal from monetary union (with the Finns, Dutch, and Austrians) so that the South can breathe again and hope to recover.
That is the choice. All else is can-kicking, denial, obfuscation, muddle, and self-delusion. As is now becoming obvious, the failure to resolve the matter one way or the other is becoming a danger to the global financial system. It threatens to uncork a global depression. Germany must at last decide. (Link to full article)
