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.
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Relentlessly Progressive Political Economy 
The Chinese are going to get seriously burned by this – I’m not worried about the Italisns at all though. Their economic history is very telling.