Concluding with the below points relating to this weekends vote and potential fallout and historical significance:
"8. A “Yes” vote will save Europe. “Yes” would mean more austerity and social destruction, and the government that implements it cannot last long. The one that follows will not be led by Alexis Tsipras and Yanis Varoufakis the last leaders, perhaps anywhere in Europe, of an authentic pro-European left. If they fall, the anti-Europeans will come next, possibly including ultra-right elements such as the Greek Nazi party, Golden Dawn. And the anti-European fire will spread, to France, the UK and Spain, among other countries."
It is important to recall the extreme debt burden the allies levied on post WWI Germany responsible for the rise of the Nazi's. Now the European Commission, ECB and IMF are filling this role fanning the flames of Euro skepticism manufacturing a broad political undercurrent with nationalist tendencies with dissent focused toward their efforts.
In recognition of this Galbraith correctly counters the narrative produced by the Troika:
"9. A “No” vote will destroy Europe. In fact, only the “No” can save Greece – and by saving Greece, save Europe. A "No” means that the Greek people will not bend, that their government will not fall, and that the creditors need, finally, to come to terms with the failures of European policy so far. Negotiations can then resume – or more correctly, proper negotiations can then start. This is vital, if Europe is to be saved. If there ever was a moment when the United States should speak for decency and democratic values – as well as our national interest – it is right now."
History may mark this weekend as a turning point for the European experiment. From the Functional Finance perspective, that the next Greece, whether Ukraine, Italy, Spain, et al are not currently lobbying for greater development in the area of fiscal union only means once the Greek crisis is resolved it will migrate in their direction. Federal redistribution of the benefits of sovereign money, such as exists between US states, is a reality without which similar type results would persist as witnessed by recent developments in Puerto Rico.
In the absence of these federal institutions, consistent with what we know about modern fiat money, we propose a hybrid solution to distribute money, without debt created and distributed by the ECB, based on a % of GDP or population as a benefit of the union for state democratic institutions to invest via the budget process. The exact amount may be consistent with inflation targets or projections or full employment requirements. This solution would also alleviate central bank fears over the zero lower bound and controlling private sector money creation more effectively.
The alternative continued depression, mass unemployment, devolution of Europe leading to possible conflict as witnessed over the last 5 years is no real solution. Nations within the Euro should be the benefactors, not the hostages, of money created with a key stroke.