Leaving the “Hotel Euro”?

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Amer­i­cans aren’t known for irony or sur­re­al­ism, but one of the endur­ing­ly sur­re­al and iron­ic pop songs is The Eagles’Hotel Cal­i­for­nia”. Writ­ten as a satire of Amer­i­can excess, its lyrics bear an uncan­ny resem­blance to the trap the nations of Europe now find them­selves in – espe­cial­ly its final stan­za:

Last thing I remem­ber, I was
Run­ning for the door
I had to find the pas­sage back
To the place I was before
“Relax,” said the night man,
“We are pro­grammed to receive.
You can check-out any time you like,
But you can nev­er leave!”

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.