[DrDavid]

Another EU sophism: the benefits of free trade within the EU require its existence. False: all they require is the absence of tariffs between the member states, as the old Common Market, predecessor of the EU, used to provide.

This is a bad argument. A European company trading in Europe had to exchange currencies. The exchange was not just between their home currency and other countries, but between all the countries in which they do business. American and Asian based companies could minimize this. The result is that each time a product or service crossed a border 10% had to be added to its price to pay the moneychangers and uncertainties in exchange rates.

Also many European currencies had less money than many US pension funds. These funds could be used to leverage against the currency and push exchange rate to "pump money" out of central banks. This happened to Britain when the Pound devalued 15% overnight. Britain is one of the largest currencies in Europe. I think George Soros was one of the people who profited by billions UKP from this forced devaluation.

[anguish]

I think George Soros was one of the people who profited by billions UKP from this forced devaluation.

He's also one of those who sent the Swedish Krona into tailspin. This is why I, a conservative Swede, am for the euro (even though we're still clinging on to the Krona). This, as I call it, "economic terrorism" does not need any national backing, but can be executed by single or a few big players to make enormous amounts of money. Small currencies are especially vulnerable to this kind of abuse.