The Failing European Common Currency
First it was Greece. Now Ireland, then probably Portugal. Next Spain or Italy? It really is a terrible shame, but the Euro common currency is doomed. It has been from the very beginning.
The men who set it all up were politicians, not economists. They were good, decent men who had gone through world war II and knew first hand how terrible warfare is. The idea was to bring the countries in Europe together so closely (financially and most other ways) that they would talk to each other rather than fighting wars with each other.
Very admirable and lofty goals for sure, but these bozo politicians got the math part of it all completely wrong.
You can see the same sort of gross ignorance today among most of the American politicians. Instead of focusing on the political policy goals of job creation, a reduction in poverty, and improving life for the middle class they all mistakenly think they have now suddenly been transformed into economists...even though they have problems balancing their own personal check books. So in their arrogance they are doing exactly the complete opposite of what they should be doing. The consequences are going to be disastrous.
The same thing happened back at the beginning of the European common currency. Decent men who were good salesmen but lousy economists. It is not difficult to see how this is going to play out. At some point Germany, Austria, Finland and other northern Europeans will get tired of supporting the dishonesty and irresponsibility of their mostly dark skinned southern European colleagues. Portugal, Spain, Greece, Italy, etc. The Germans will set up impossible conditions for these economically failing countries. The Euro currency will cease to exist, and along with it the whole idea for the European Union may fail too.
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The men who set it all up were politicians, not economists. They were good, decent men who had gone through world war II and knew first hand how terrible warfare is. The idea was to bring the countries in Europe together so closely (financially and most other ways) that they would talk to each other rather than fighting wars with each other.
Very admirable and lofty goals for sure, but these bozo politicians got the math part of it all completely wrong.
You can see the same sort of gross ignorance today among most of the American politicians. Instead of focusing on the political policy goals of job creation, a reduction in poverty, and improving life for the middle class they all mistakenly think they have now suddenly been transformed into economists...even though they have problems balancing their own personal check books. So in their arrogance they are doing exactly the complete opposite of what they should be doing. The consequences are going to be disastrous.
The same thing happened back at the beginning of the European common currency. Decent men who were good salesmen but lousy economists. It is not difficult to see how this is going to play out. At some point Germany, Austria, Finland and other northern Europeans will get tired of supporting the dishonesty and irresponsibility of their mostly dark skinned southern European colleagues. Portugal, Spain, Greece, Italy, etc. The Germans will set up impossible conditions for these economically failing countries. The Euro currency will cease to exist, and along with it the whole idea for the European Union may fail too.
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