“As it becomes clear that the euro is a recessionary device”
Eleven words into the article Hannan flies off the rails. The euro is no more of a recessionary device than the US dollar or any other of the major currencies. Reckless government spending, rigid labour markets and price manipulation in money markets by governments and their proxies caused the recession. The solution is not the breakup of the euro, but structural reforms all over the eurozone. The euro merely made the Greek socialists run out of other people’s money sooner than they would have done otherwise. That may still turn out to be a good thing.
I’m still outraged that our government stole $7m in silver and gold from 250,000 Americans because they made coins out of silver (Liberty Dollar.) It’s ok to sell electroplated crap for outrages prices to collectors, but give them pure silver and you have a fight with the government.
Had the Euro been issued as silver and gold coins and certificates deflation would not have been an issue.
Will the Euro stay or will it go now? Who knows but reading Zero Hedge freaks me out sometimes.
As a doctor (j/k) I recommend amputation. Greece, at least, maybe some others of the PIIGS too. For Italy, a painful weight loss regimen instead?
At this point I woudl short the Euro against Detroit municipal bonds.
I’ve always considered the EU to be something that had to have been constructed in a spooky mountaintop castle by a madman and his trusty hunchbacked assistant.
“As it becomes clear that the euro is a recessionary device”
Eleven words into the article Hannan flies off the rails. The euro is no more of a recessionary device than the US dollar or any other of the major currencies. Reckless government spending, rigid labour markets and price manipulation in money markets by governments and their proxies caused the recession. The solution is not the breakup of the euro, but structural reforms all over the eurozone. The euro merely made the Greek socialists run out of other people’s money sooner than they would have done otherwise. That may still turn out to be a good thing.
I’m still outraged that our government stole $7m in silver and gold from 250,000 Americans because they made coins out of silver (Liberty Dollar.) It’s ok to sell electroplated crap for outrages prices to collectors, but give them pure silver and you have a fight with the government.
Had the Euro been issued as silver and gold coins and certificates deflation would not have been an issue.
Will the Euro stay or will it go now? Who knows but reading Zero Hedge freaks me out sometimes.
As a doctor (j/k) I recommend amputation. Greece, at least, maybe some others of the PIIGS too. For Italy, a painful weight loss regimen instead?
At this point I woudl short the Euro against Detroit municipal bonds.
I’ve always considered the EU to be something that had to have been constructed in a spooky mountaintop castle by a madman and his trusty hunchbacked assistant.
“I wish I could quit EU!”