"It's time for a revolution in the euro zone, the time for polite discussion ended. What is at issue is not one or two per cent economic growth in the South, but, on the contrary, the difference between a future of prosperity and one of depression, "said Christopher T. today Mahoney, former vice president of credit rating agency Moody's, in an article entitled "Southern Europe Must Revolt Against Price Stability," published in the "Project Syndicate".
This "revolution" should be "led by France, Italy and Spain", with France to the head, and their main targets are Germany and the Bundesbank. "The time is now, before that Spain and Italy are forced to capitulate to strychnine and arsenic troika" he says.
Mahoney is a Wall Street veteran who left the vice president of Moody's in 2007. It is considered a "libertarian free market."
"If the South continues to allow the North administer poison remedy of monetary deflation and austerity budget, will suffer needlessly for years and years," warns Mahoney, to then appeal to the "revolution" of the South
"The eurozone is a multinational republic in which every country, regardless of their credit rating, can act as a hegemon. Germany has only two votes on the board of governors of the European Central Bank (ECB) has no control and has no veto power. Germany is just another union member and Bundesbank just another regional branch of the euro system. Treaty The ECB did not intend to be a suicide pact, and can be interpreted in a sufficiently open to allow it to be done what needs to be done. If the Constitutional Court objected, then Germany can go. "
And adds: "What I advocate is a public rupture with the Bundesbank and its ideological satellites."
Finally, she says: "It may be more prudent to conduct this revolt in private, but what I think is that it only works as ultimatum public."
[link to expresso.sapo.pt