By Hook and By Crook – Birth of the Euro Zone

Want to know how the European patient is expected to survive in the 21st century equivalent of a Victorian Debtors’ Prison? Well watch this video clip for an insider account of what the Eurocrats, politicians and bankers are really doing to the demos in Europe’s democracies. 


Yanis Varoufakis, Professor of Economic Theory, University of Athens

Click the photo above to view the YouTube lecture by academic experts at a Columbia Law School seminar on what the French and German elites really wanted when they agreed to set-up the now debt-ridden, austerity-driven, job-destroying, wealth-eroding eurozone.

The video runs for an hour (plus an hour of debate) but is well worth the time if you are at all concerned about where Europe and your money are heading.

At one stage of the video Marshall Auerback talks about the Maastricht treaty Growth and Stability Pact which commits all Eurozone states to ensuring  budget deficits each year are below 3% of GDP.  He goes on to recount how this figure was arrived at. Not, as one might imagine, by any careful and prolonged analysis backed by serious theoretical underpinnings, but rather via a five minute thumb-suck by Guy Abeille , then a senior French ernaque in President François  Mitterrand’s office.  Here is the French news report that debunks this albatross around Europe’s neck: L’incroyable histoire de la naissance des 3% de déficit 

The video exposes several other back-of-the-envelope techniques used to ensure each member state managed to meet the Franco-German-set criteria for euro entry.

The Columbia Pre-Law Society Proudly Presents:

THE DESIGN DEFECTS AND POLICY FAILURES: An Institutional Analysis Of The Eurozone Crisis

Moderator: Georges Ugeux, Lecturer-in-Law, Columbia Law School and Founder, Galileo Global Advisors, LLC

Speaker 1: Yanis Varoufakis, Professor of Economic Theory, University of Athens

Speaker 2: Marshall Auerback, Global Portfolio Strategist, Madison Street Partners, LLC

Part of the 2012-2013 Seminar Series on Contemporary Issues in Law and Political Economics organized by the Workers’ Rights Student Coalition

Friday, October 5, 2012

This seminar offers a diagnosis of the current European debt crisis that traces its origins to inherent flaws in the legal and institutional design of the Eurozone. Questions to be addressed include:

– Is the European Monetary Union responsible for the current Eurozone crisis?

– What role have core nations such as Germany and France played in the crisis, compared to peripheral nations such as Spain and Greece?

– What are the political and economic implications of austerity?

– What policies should Europe adopt to resolve this crisis?

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