The Europe of Broken Dreams, Part 1: An introduction to the Modern Monetary System21st January 2013

Gazing across the Channel, Europe’s finances seem to have gone reasonably quiet. Too quiet. Over the past week the Germans announced that they want all their gold bars returned safely from Paris; the IMF announced that Greek funding gaps may be wider than ever; the Spanish Prime Minister made a speech, and David Cameron cancelled a speech. But this counts for quiet in an era when we have lost count of the number of crisis meetings that each tackle the immediate symptom, but not the