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Home | Mises Library | Patrick Barron: The Greek Crisis and the Impossibility of the Euro

Patrick Barron: The Greek Crisis and the Impossibility of the Euro

Patrick Barron on Mises Weekends

Tags Big GovernmentBooms and BustsFinancial MarketsGlobal EconomyMoney and Banks

07/02/2015Patrick BarronJeff Deist

Patrick and Jeff discuss European integration, which pits creditor nations like Germany against hapless debtors like Greece under the yoke of the Eurozone. With the Euro operating as a political project rather than a real currency, spendthrifts like Greece chronically find themselves unable to service debt. Greece, says Patrick, represents an example of Say's Law in action and a clear refutation of Keynes's belief that creating artificial demand via cheap credit stimulates production.

Think Greece can't happen here? Look no further than California, with its public pension crisis and huge debts.

If you're looking for a sober and hard-hitting analysis of what's really at issue in Greece, stay tuned for a great discussion with Patrick Barron.

Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.
Authors:

Contact Patrick Barron

Patrick Barron is a private consultant to the banking industry. He has taught an introductory course in Austrian economics for several years at the University of Iowa. He has also taught at the Graduate School of Banking at the University of Wisconsin for over twenty-five years, and has delivered many presentations at the European Parliament.

Contact Jeff Deist

Jeff Deist is former president of the Mises Institute. He is a writer, public speaker, and advocate for property, markets, and civil society. Jeff was chief of staff to Congressman Ron Paul. Contact: email; Twitter.