Sargent’s Nobel Lecture: US then, Europe Now

Tom Sargent’s Nobel lecture compares the formation  of the US fiscal and monetary union by Alexander Hamilton to the current experience in Europe. Well worth watching, given the day that’s in it with a series of moves towards, ahem, fiscal union, in Europe. Sargent’s lecture is based on this paper.

By Stephen Kinsella

Senior Lecturer in Economics at the University of Limerick.

One reply on “Sargent’s Nobel Lecture: US then, Europe Now”

Seems like they are building fiscal union without fiscal union.

Where is the fiscal authority cabable of deficit spending? One who’s debt is never in doubt, who is cabable of solving the member states funding crisis, cabable of ending eurozones demand destruction by expanding money supply by going into debt.

Economy is never in automatically arising equillibrium. It needs management of financial assets to achieve anything near socially useful states.

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