Posted on 03/28/2015 7:22:07 PM PDT by NRx
The eurozone is "untenable" in its current form and cannot survive unless countries are prepared to cede sovereignty and become a "United States of Europe", the manager of the world's biggest bond fund has warned.
The Pacific Investment Management Company (PIMCO) said that while the bloc was likely to stay together in the medium term, with Greece remaining in the eurozone, the single currency could not survive if countries did not move closer together.
(Excerpt) Read more at telegraph.co.uk ...
while a single currency is a definite convenience, without a sovereignty behind it.... its ill-fated at best.
but ... a single currency is not nearly as necessary for movement and trade as it was even 10 or 20 years ago...
what with everybody carrying a cellphone (or tablet or computer) which can provide easy and instant currency conversions in real time.
so, I would suggest letting the Euro currency go.
better than taking away 20 nation’s sovereignties and shoving them all under (unresponsive, dictatorially-inclined and otherwise problematical) the Brussels bureaucrappy.
Id worry that S0r0$ might attack individual European currencies.
PIMCO working their book. Undoing the Euro would mean bureaucrats losing their jobs and power. When has that happened in the 20th or 21st centuries?
Brussels is a much greater threat to freedom today than Moscow. With an unelected bureaucracy now strangling what remains of EU member states’ sovereignty, a new beast is rising in Europe.
They should have listened to Margaret Thatcher.
+1
These bozo just want to accumulate power. I guess it's easier in Europe.
/johnny
All you give is the upside. ;)
/johnny
I worked in Dallas for a few months; I loved the pic someone had on their wall, of a globe that was all ocean except for a massive Texas. Hah !
TX people are great. Friendly, but quiet about it. I always thought of them as kind of a cross between NJ and Georgia.
I especially love the “independent streak” that seems common there. IMHO, they don’t make a show of it, they just sort of always “reserve the right” to make their own decisions in a quiet but very firm way.
/johnny
tx. good info in the article, even better info in the thread...
the real problem is the surrender of sovereignty to “save” the single currency is not a necessity for the economic well being of the people and nations in the Eurozone, because THAT is much more dependent on OTHER labor and trade decisions they make, and can make individually, than which currency an exchange of goods or services is or is not denominated in.
The analogy to the U.S. proves the opposite of what the PIMCO guy thinks it does. The states of the United States are NOT all performing either uniformly well, or uniformly bad, just because they all use the same currency. Yes there are national statistics for things like the national GDP, or “unemployment”. They are merely cumulative figures that have summed the figures from all the states. The true health of any state within the United States IS NOT in those cumulative figures, but in the states own performance.
The Eurozone needed total and complete free trade within it, more than it needed a common currency.
Contrary to popular belief the common currency did not arise from ANY economic necessity, but precisely because in time it would lead to calls for less sovereign rights in the member states and more power in the hands of EU central planners.
No one could sing a song like Frankie. ; )
Nice little example of the costs of losing sovereignty: Where we have a condo in the Netherlands, you could get some great smoked freshwater eel ("paling") direct from the paling merchants. It was a beautiful drive and a great reward. Euroland outlawed the direct buy (see article below for why). The eels would hang there and the paling monger would fillet your chosen eel right there and pack it for you. YUM! It's very difficult to get smoked freshwater eel now other than from the grocery store (and who knows where that eel is from). : (
http://eatyourworld.com/destinations/europe/the_netherlands/amsterdam/what_to_eat/gerookte_paling
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