@chris McCarthy wrote:
It’s my god damn right to make fun of the people that now have been shown that we where actually right. My biggest opposition about the EMU is that sovereign countries transfers even more of their power to a quasi democratic institution like the EU. I never even thought it would turn out this bad and in retrospect even the folieheads were spot on.
Fair enough I suppose.
But the Euro is not alone is it? It is the same for Sterling and the Dollar is it not? None of this was brought about just by being in the Euro, and it could be argued that if there had actually been 17 sovereign currencies out there right now, things could have got a lot worse. Don’t forget that.
I understand being pissed off though. I think we all understand that. I am pissed off too!
No but the difference is that now those countries are not free to do whatever they feel is in their best interest. The US and the UK can still deal with the situation themselves and their voters will in the end say yay or nay to their solutions by giving them further support or voting them out. It’s not about the currency in itself
The norwegian, swedish, danish krona are doing ok but more importantly these countries are doing ok. Even Iceland with it’s population now are doing well after their extreme banking collapse “the worst banking collapse in the world ever”. It made it much easier for them to rectify the problem by staying out of this union.
The fractional reserve banking system is the heart of the problem not the currency and until we confront this it’s impossible to really do anything in the long run. By not allowing foreign loans you can still easily take yourselves out of these situations by just hyperinflating. Greece would still be hit hard by exiting and doing this because their loans would still be in euros. The PIIGS are all the same situation with no real way to get out of it. Now they are even being ordered around by foreign powers.