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The big difference in the EZ is that nations cannot go off the euro as they went off the gold standard

A major part of Lenin’s analysis, for instance, was devoted to the demonstration that Russia had become a quasi-colony as a result of the large scale capital imports, and that the foreign creditors in effect controlled Russia’s foreign policy.

The linkages of these issues can be summarized as a series of impossible trinities or trilemmas.

“What makes it difficult is that it is very fragmented,” he continued. “It is diversified in different countries and they are not used to working together, so it’s a huge organizational effort, and it’s also a huge political effort in the sense of convincing everybody to converge to common styles of supervision.”

three parts.

a broad assessment of a bank’s risk profile

The euro crisis has already transformed the European Union into something radically different from what was originally intended. The EU was meant to be a voluntary association of sovereign and equal states that surrendered part of their sovereignty for the common good. It has turned into a relationship between creditors and debtors that is by its nature compulsory and unequal. When a debtor country gets into difficulties the creditor countries gain the upper hand.

Only the creditors are in a position to prevent this outcome but they do not seem to show any inclination to do so.

In the end, it’s up to Germany to take the initiative to provide a fix, said Soros, who has advocated some form of joint debt liability, or euro bonds.

Former ECB chief blames governments for euro-crisis

But the 71-year-old French banker said he had warned EU governments of growing economic divergences in the euro area as far back as 2005 and that he had criticised member states, notably France and Germany, for ignoring the deficit and debt rules which underpin the common currency.

Trichet noted that the ECB intervened on bond markets and bought up Greek debt as early as May 2010, when he was still chief and when the first-ever EU bailout was still being drafted. It interevened again in 2011 to buy Italian and Spanish debt when investors started to bet against the larger euro-states.

The subcommittee said that Apple had “exploited a difference between Irish and American tax residency rules” but had not broken any laws.

Among the ideas under consideration are strict rules for defining where a company has a permanent presence and measures to limit the practice of so-called transfer pricing — the shunting of profits and losses between subsidiaries by disguising them as internal corporate payments for goods or, as is increasingly common, for copyright or patent royalties.