How much of a disaster is the EMU? Look no further than the spectacle of the Italians going cap in hand to the Chinese for a bail out. The fact that the Italians are tapping the Chinese is not the issue. The issue is that they cannot tap the EU or the by now ideologically impotent ECB. I have always thought of neoliberalism as the ideological gloss on an accumulation strategy. Me thinks I might have it exactly backwards.