Euro-Crap Revisited

    I posted an article last July that was outspokenly critical of the whole idea of a single European currency, of the bureaucratic mindset that led to its creation, and of the slow-motion economic catastrophe that was unfolding as a result. I blamed the genesis of the euro on the mean-spirited fairytales of Marxism, theories that continue to infect the dim cocktail-party minds of the intelligentsia.
    I don't claim any great credit for being prophetic ─ what was happening then, is happening now, and seems likely to happen in the future, is pretty damn obvious.
    Below are some relevant excerpts from my prior piece. For the entire article, click
Euro-Crap Original.

● What in God’s name possessed a clique of European bureaucrats to come up with the foolhardy idea of a single European currency?
● What possessed the member states of the European Community to buy into the madness?
● What kind of grass were they smoking when they imagined that 20 sovereign nations representing a bewildering mix of ethnic, sectarian, and racial groups, each with histories of warfare and conquest; subjugation and victory; bigotry, savagery, and hatred going back 5,000 years, could be welded into a unified superstate?
    There would be no Greek Crisis, Spanish Crisis, Irish Crisis, Portuguese Crisis, Italian Crisis, (and lord knows how many future crises) if those nations had their own free-floating currencies.
    If the citizens of Greece want to live in a welfare state consisting of two or three productive workers for every seven or eight government slugs ─ fine. Without the shackles of the euro, the Greek drachma could float downward to its proper level on the currency exchanges of the world and, should the population so desire, go the way of the Zimbabwe dollar which, when last heard from, was being issued in Z$100 trillion denominations.
    
The virtue of this scenario is that the economic well-being of other nations (including Germany, France, and the U. S.) wouldn’t be hostage to the vagaries of Greek street mobs....
    One can’t but wonder if the notoriously hard-working and thrifty citizens of Germany, having already donated a few hundred billion dollars to their Greek non-brethren, are going to continue to cough up their hard-earned bank deposits to bail out other profligate neighbors to the south.
    Throw Spain, Italy, and Portugal into the pot, sprinkle in a dash of Ireland, season with a few hundred billion euros for contingency, and voilà! ─ the Royal Bank of Scotland estimates that a mere €3.5 trillion ($5 trillion U. S.) slush fund would prevent the collapse of the euro for at least a year, maybe two.

Norm Mack, Peterborough, dog@myfairpoint.net 

 

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