@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?
Not at all. There is no lender of last resort with Euro, unlike every other currency on the planet. The Euro is also unique in having som many different economies sharing a currency with no way of re-balancing the differences between then. There is no fiscal union between the countries, unlike say the UK or USA states.
The Euro has been designed to fail, unfortunately. I’m not happy about it becuase it was a good idea and could have been a major currency. The benefits to everyone using it have been obvious.
Yes and the reason for this is because they are afraid of that the voters would have found out that we were heading into a federalistic system like the US. It would have been much better if they did this and the end result is a system that have all the negative aspects of an federal system and few of the positve aspects.