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Is The Euro A "colossal Error"?
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Nobody on AB needs to guess what my answer will be. It is a colossal error and – leaving aside some dodgy calls made in the preambles to and during the wars - probably the biggest political blunder in Europe for a hundred years or more. The people who devised and implemented it were adequately warned of the pitfalls of introducing a common currency without...
12:55 Sun 16th Aug 2015
No. That is just one mans opinion.
John Gray has written a book which says world capitalism is broken and the whole thing is in the process of disintegration. So his view on the €uro supports that argument. Needless to say, such stuff goes down well at 'The New Statesman' and the 'Guardian' where he usually writes.
If you agree with him on the €uro, take a look at his book.
https:/
John Gray has written a book which says world capitalism is broken and the whole thing is in the process of disintegration. So his view on the €uro supports that argument. Needless to say, such stuff goes down well at 'The New Statesman' and the 'Guardian' where he usually writes.
If you agree with him on the €uro, take a look at his book.
https:/
Nobody on AB needs to guess what my answer will be. It is a colossal error and – leaving aside some dodgy calls made in the preambles to and during the wars - probably the biggest political blunder in Europe for a hundred years or more.
The people who devised and implemented it were adequately warned of the pitfalls of introducing a common currency without political union. Nonetheless the Euromaniacs believed that they could do things the wrong way round and that their forced currency union would drive political integration. However it soon became apparent to them (but had been blindingly obvious to everybody else) that there was no appetite for political union and no likelihood of their being so in the foreseeable (or indeed unforeseeable) future. But they forged ahead regardless, seeing a common currency as the crowning achievement of their preposterous “European Project”.
Not only did they fail to heed those warnings but they have known for many years now that the euro is causing – and will continue to cause – enormous hardship to many of the lesser nations participating. They will defend their folly to its ultimate and inevitable demise (with lorry loads of other people’s money, natch) but the damage caused in the meantime will be considerable. It is simply a flawed idea born of political vanity and stupidity. But politicians with those qualities are often too stupid and vain to see and admit their mistakes and, most importantly, put them right. Eventually other people’s cash and patience will run out and the markets will prevail, but not before the untold damage that is currently being wreaked is multiplied many times over.
The people who devised and implemented it were adequately warned of the pitfalls of introducing a common currency without political union. Nonetheless the Euromaniacs believed that they could do things the wrong way round and that their forced currency union would drive political integration. However it soon became apparent to them (but had been blindingly obvious to everybody else) that there was no appetite for political union and no likelihood of their being so in the foreseeable (or indeed unforeseeable) future. But they forged ahead regardless, seeing a common currency as the crowning achievement of their preposterous “European Project”.
Not only did they fail to heed those warnings but they have known for many years now that the euro is causing – and will continue to cause – enormous hardship to many of the lesser nations participating. They will defend their folly to its ultimate and inevitable demise (with lorry loads of other people’s money, natch) but the damage caused in the meantime will be considerable. It is simply a flawed idea born of political vanity and stupidity. But politicians with those qualities are often too stupid and vain to see and admit their mistakes and, most importantly, put them right. Eventually other people’s cash and patience will run out and the markets will prevail, but not before the untold damage that is currently being wreaked is multiplied many times over.
So would anybody else, Gromit, including all the current members. If the euro was propounded today nobody would support it and that of course is with the benefit of hindsight. But what is annoying in the extreme is that the very situation the eurozone currently faces was adequately predicted and warned against but no heed was paid .
As far as Europe goes (and the Eurozone in particular) individual nations need to be in control of their own affairs and the biggest affair of all (at least in peacetime) that they need to be able to control is their economy. They cannot do so if they use a currency that is not linked to their economy and their output and especially cannot do so if that currency is designed to suit one or two of the larger, richer participants.
As far as I can see there is no comparison between the Eurozone – where nations have been compelled or fooled into using an unsuitable currency – and any other major area in the world. I don’t know f any major economy (nor indeed can think of any minor ones) where an unsuitable currency has been forced upon them. The principle problem behind the Euromaniacs’ philosophy is that they seem to be labouring under the misapprehension that the EU is one big happy family of nations who simply cannot wait for the next stage of integration with their other family members. They’ve gradually moved – without proper popular consensus – from sharing a street to sharing a house to sharing a bedroom. The Euronutters cannot wait for us all to share a bed. In fact precisely the opposite is true. When the chips are down each nation acts in the best interests of its own citizens because, apart from trade and commerce (which can be adequately facilitated by trade agreements) there really is no common interest. The difficulty is (and where the trouble will come from) is that politicians do not listen to their electorates (witness the fiasco of the Greek referendum just a few weeks ago). So untold damage will be done for which parliaments have no popular support and eventually the placidity of the electorate will wane.
“Thinking Big” is an admirable concept. But what has been shown over and over (and the single currency is the shining example) is that when the excrement hits the air conditioning “Thinking of us” takes precedence. It always has and it always will and that is why, so long as there is no federal integration (for which there is definitely no stomach) not only will the euro ultimately fail but so will the EU.
Thanks for the accolade, 3Ts.
As far as Europe goes (and the Eurozone in particular) individual nations need to be in control of their own affairs and the biggest affair of all (at least in peacetime) that they need to be able to control is their economy. They cannot do so if they use a currency that is not linked to their economy and their output and especially cannot do so if that currency is designed to suit one or two of the larger, richer participants.
As far as I can see there is no comparison between the Eurozone – where nations have been compelled or fooled into using an unsuitable currency – and any other major area in the world. I don’t know f any major economy (nor indeed can think of any minor ones) where an unsuitable currency has been forced upon them. The principle problem behind the Euromaniacs’ philosophy is that they seem to be labouring under the misapprehension that the EU is one big happy family of nations who simply cannot wait for the next stage of integration with their other family members. They’ve gradually moved – without proper popular consensus – from sharing a street to sharing a house to sharing a bedroom. The Euronutters cannot wait for us all to share a bed. In fact precisely the opposite is true. When the chips are down each nation acts in the best interests of its own citizens because, apart from trade and commerce (which can be adequately facilitated by trade agreements) there really is no common interest. The difficulty is (and where the trouble will come from) is that politicians do not listen to their electorates (witness the fiasco of the Greek referendum just a few weeks ago). So untold damage will be done for which parliaments have no popular support and eventually the placidity of the electorate will wane.
“Thinking Big” is an admirable concept. But what has been shown over and over (and the single currency is the shining example) is that when the excrement hits the air conditioning “Thinking of us” takes precedence. It always has and it always will and that is why, so long as there is no federal integration (for which there is definitely no stomach) not only will the euro ultimately fail but so will the EU.
Thanks for the accolade, 3Ts.
I suppose the one thing which can be said in Gordon Brown's favour is that he kept us out of this hare-brained scheme. If the likes of Mandy et al had had their way we would probably be in the same boat as Greece by now. You ask any Frenchman outside the political chattering classes what he thinks of the Euro and you will get a one-word response.
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