And his sympathy with German demands for “reform” was unfeigned. As Draghi told the Wall Street Journal in February 2012, Europe’s social model that prioritized job security and social welfare was “already gone.” What, after all, did talk of a social model mean when 50 percent of Spanish youth were unemployed?72 Europe’s labor markets would have to be reinvented, presumably along the lines of Germany’s Hartz IV agenda. In his grad student days at MIT in the 1970s, Draghi recalled, his American professors had marveled at Europe’s willingness to “pay everybody for not working. That’s gone.” For
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