The European Commission's top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.The Telegraph outlined it half a decade ago. Now that a bigger “beneficial crisis” is looming, watch for more of the plan of the “euro fathers” to be implemented.
The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government. …
I’ve read theories that the ECB’s sudden move to QE was a last-ditch attempt to try and convince Greek voters not to elect this far-left party.
Can anyone name a very important confidant of our current president who has a well-demonstrated knack for making a lot of money out of chaos?
You know, the US and Canada are probably as much alike as any two countries that aren’t already part of a union (such as the UK). We are certainly a lot more alike than the countries of Europe.
But would we agree to share a single currency? I doubt it.
I’m wondering about all those Greek bonds those foreign banks are holding - and valuing them at parity. If/when Greece reneges, there ought to be some creative accounting pop up.
So really the US dollar, which is just another fiat currency, will continue to rise relative to another piece of trash fiat.