Mises Daily
Author:
Llewellyn H. Rockwell Jr.
Online Publish Date:
more) to save Portugal from its own problems. It’s not that politicians all over Europe (and the United States) love Portugal so much that they are glad to lavish it to paper over the problem rather than confront it. Wasn’t the invention of the European Central Bank supposed to control credit expansion in Europe? Philipp Bagus, What ends up happening is that the (relatively) frugal states in the European Union subsidize the less frugal ones. There is moral hazard embedded in the very