Why did the Deutsche Bank give up their beloved Deutsche Mark and join the Eurozone? It was good business for Germany:
A 2019 German think tank report, entitled ‘20 Years of the Euro; Winners and Losers’, costed the single currency’s impact on individual states. From 1999 to 2017, only Germany and the Netherlands were serious winners with the former gaining a huge € 1.9 trillion, or around €23,000 per inhabitant. In all other states analysed the Euro has provoked a drop in prosperity, with France losing a massive €3.6 trillion and Italy €4.3 trillion. French losses amount to €56,000 per capita and for Italians €74,000.
Those are big numbers. You could do the same analysis here looking at Rust Belt vs. Coastal enclaves and I suspect you would see the same sort of thing. The proof point for that is how working class incomes rose under the Trump administration for the first time in decades. No doubt the Biden administration will get to work on that.
I really struggle to understand how The Powers That Be in both Brussels and Washington don't see the revolutionary implications in this. Didn't they read Marx?
Hat tip: Samizdata.