LOL so here is the transcript of one part of the yale course that summarize the issue with euro zone crisis
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>So why have the after-effects of
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>the global financial crisis been so much worse in the Eurozone
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>than in the United States? In the United States while
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>the recovery was somewhat slow, there was no double dip recession and
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>within several years, unemployment had gone back down
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>very close to pre-crisis levels. In the Eurozone,
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>we're nowhere near achieving that, why? There's one mean central reason, and
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>that reason is that the Eurozone is not what economists call
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>an optimal currency area.
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>...
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>there are automatic stabilizers in the federal system in the United States
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>that enable us to recover from that shock. The citizens of other states all pay
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>taxes to the federal government and the federal government makes transfers
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>to unemployed people in Connecticut. If Connecticut all of a sudden had
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>the most unemployed people in the country, Connecticut would automatically get
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>the most assistance from Washington. There's no vote and there's no way for citizens of other states to pull
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>back on that in the short term. Similarly, while there are cultural
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>differences in the United States, there are many people in Connecticut
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>with roots and friends and family in other states
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>of the United States. And who were able to move if there were
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>a shock here from Connecticut to other parts of the United States without it
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>being an enormous problem for them. Compare that to what goes on in Europe. When there is a shock that happens
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>to Greece or to Portugal, while it is legally possible for people from
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>Greece and Portugal to move to Germany or to France and many have,
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>there are cultural differences, linguistic differences,
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>religious differences in many cases. And just the lack of having roots in those
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>countries that make that movement more difficult. So if you were unemployed in Greece or
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>in Portugal, it is not so simple for you to go and
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>to find a job in Germany. Not as simple as it would be for
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>someone from Connecticut, for example, to move to California. In addition to reduced labor mobility, there is a lack of fiscal
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>federalism in Europe that is nowhere near the level of where we
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>currently have it in the United States. So as it would be for the unemployment
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>insurance in the United States, if people all lost their
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>jobs in Connecticut, there would be automatically money flowing
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>from the citizens of other states. That doesn't happen in Greece. Rather, when Greece has enormous problems,
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>there's no direct transfer that will happen from countries like Germany and
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>France that are doing better. Instead, there's a need to go back to
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>the citizens of those countries and ask for what sounds like a bail out. Where in reality what we
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>often have at least in part are the after effects of a shock. The lack of this fiscal adjustment,
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>automatic fiscal transfers, or easy labor mobility means that Eurozone
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>countries faced with this shock, not having their own monetary policy, are left to rely on the last
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>two things on this list. That is, nominal wage and
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>price reductions or deflation. This type of deflation also called
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>an internal price adjustment. So rather than adjusting your
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>prices all at once by having your currency depreciate, which automatically
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>means that your prices are now going to be lower relative to everybody
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>else who doesn't have your currency. And you do it in one fell swoop. Rather than being able to do that, you have to effectively go business to
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>business and individual to individual recognize the problems in the market and
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>reduce prices and reduce wages. This creates an additional challenge for
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>any economy that is heavily indebted. If my mortgage and
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>my debts are in one currency and those are fixed and you reduce my earnings in that same currency, then my debt
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>seems even bigger than it was before. This is a debt overhang problem that is
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>exacerbated by any kind of deflation. We often worry about inflation. Inflation is normal to us, we've seen it in many different
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>economies at many different times. Deflation is a very rare thing
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>to happen under a non-metallic currency such as we have
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>had since the 1930's. But deflation is extremely painful. And when it does occur,
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>it means that people who have debts who find their wages falling,
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>see those debts as being even greater. And anybody considering an investment has
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>to understand that the dollar that they actually have today,
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>they're gonna need to earn an even higher return on it going forward
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>than they otherwise would. This problem, this challenge of
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>a deflationary environment when there's a large amount of debt, being the only way
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>that you can actually have an adjustment after a shock, in one region is the reason
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>that the European union or the Eurozone, what is now the Eurozone area, is not a
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>place that you would initially look at and think they should have only one currency. That's a structural weakness
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>that's been in place since 1992. It was effectively a bet on the part
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>of the framers of the Eurozone, that they would be able to achieve
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>a level of cultural unity and of fiscal unity that would take
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>place before they got hit by a large enough shock that could break
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>the entire union apart. That bet wasn't necessarily a terrible bet
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>if you factor in all of the political and social reasons why such
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>a union would be valuable. But the fact of the matter is
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>that that bet did not payoff and in the end the shock came
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>before the union came. And we're now facing
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>the effects of that shock.
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here is a link to where you can find the 8 min video for free
https://www.coursera.org/learn/global-financial-crisis/lecture/EYEqn/the-economics-of-the-euro
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just for fun even though it will probably be a waste of my time,
here is another source
https://www.jstor.org/stable/23287217?read-now=1&refreqid=excelsior%3Afa10e0f7d6d9c1eddd7bca7299ed9108&seq=23#page_scan_tab_contents
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if you are confident in your knowledge on economics you can just read page 175-200, it talks about the issue with weak growth, difficulty of internal devaluation, and specifically, issues caused by having the Euro.
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