It is a Keynesian discussing the errors of a socialist. I hate to say that about AEP because he is very insightful on non economic things.
AEP thinks the euro currency zone is a fiasco, a utopian fantasy. He predicts its demise.
However, he thinks money printing, while fruitless in the end, will temper the social upheaval associated with the current eonomic meltdown.
He does not favor a sudden massive catastrophy.
yitbos