The Euro Mutiny Begins
The Colosseum in Rome, Italy, where economists have openly questioned the euro's future. Photo: Google Images
THE TELEGRAPH: The rebellion against the 1930s fiscal and monetary policies of the Euro-complex is gathering pace.

Il Sole has published a letter by 100 Italian economists warning that the austerity strategy imposed by Brussels/Frankfurt risks tipping Europe into a self-feeding downward spiral. Far from holding the eurozone together, it will cause weaker countries to be catapulted out of EMU. Others will leave in order to restore sovereign control over their central banks and unemployment policies.

At worst it will blow the EU apart, leading to the very acrimony that the European Project was supposed to prevent.

For readers of Italian, it’s here.

While I don’t share the big-state Left-Keynesian perspective of these professors — nor their implicit hostility to the free market — I do agree with much of their overall analysis. >>> Ambrose Evans-Pritchard | Wednesday, June 14, 2010

Lettera di 100 economisti contro la manovra e la linea (europea) dell'austerità >>> mercoledi 16 giugno 2010

Bush Extends Invitation to Russian Generals to Inspect Pentagon’s Central European Project
THE GUARDIAN: George Bush intervened yesterday in the worst dispute between Russia and the west since the end of the cold war, offering to cooperate with Vladimir Putin on the Pentagon's missile defence project.

With the row over the "Son of Star Wars" project threatening to derail the G8 summit, Mr Bush appealed to the Russian leader to relent in his fierce criticism of the missile shield. "The cold war is over, it ended. Russia is not the enemy," Mr Bush told journalists at Prague castle after discussing the Pentagon's plans with the Czech president and prime minister, Vaclav Klaus and Mirek Topolanek. Bush invited Russian generals to inspect Pentagon’s central European project (more) By Ian Traynor

Mark Alexander