Robert Mundell, evil genius of the euro

For the architect of the euro, taking macroeconomics away from elected politicians and forcing deregulation were part of the plan

Greg Palast
guardian.co.uk, Tuesday 26 June 2012 08.30 EDT


The idea that the euro has "failed" is dangerously naive. The euro is doing exactly what its progenitor – and the wealthy 1%-ers who adopted it – predicted and planned for it to do.

That progenitor is former University of Chicago economist Robert Mundell. The architect of "supply-side economics" is now a professor at Columbia University, but I knew him through his connection to my Chicago professor, Milton Friedman, back before Mundell's research on currencies and exchange rates had produced the blueprint for European monetary union and a common European currency.