One reason why the eurozone is sliding into ever deeper trouble is because its political and bureaucratic elites do not like, do not understand and have no wish to understand financial markets. This is an attitude embedded in European history and culture. Think of the 1793 Law of the General Maximum, an arbitrary attempt to fix prices at the height of the French Revolution. Or think of the social status attached for the past 150 years to being a state-employed soldier, teacher, office clerk or railway worker rather than a banker in Germany. Read more
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