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Three reasons why the Left might not want the Euro saved

10:45 am - December 6th 2011

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contribution by Varun Chandra

Consensus is that the break-up of the euro would lead to economic meltdown. But keeping it together will hit Europe’s common man and woman the hardest, leading inexorably to social unrest. The Left needs to at least consider whether this is a price worth paying.

Muddling along is not an option, and a two-tier Europe (with Britain probably on the sidelines) is coming.

Either the periphery default, leave the Euro and revert to their own devalued currencies – dealing with their debt problem and beginning the painful rebuild of their economies. Or the ‘core’ (mostly Germany) give them enough money to pay their debts / allow partial default whilst bailing out Europe’s banks (again).

But in return for the huge cash transfer required to save the euro, the core will demand some of the deepest austerity measures ever imposed on nation states. A ‘fiscal compact’ of this nature will mean spending on education, health, welfare, pensions, child support, infrastructure, housing, the disabled etc will all face the chop – ruthlessly directed from Brussels and Berlin.

The flawed, but stubbornly persistent, logic of trying to reduce debt in a deflationary environment through cutting state spending will be out in full force.

This poses three problems for the Liberal Conspiracy reader.

First, we argue passionately against the unfairness of unbalanced spending cuts here in the UK – yet appear oblivious to the fact that saving the Euro means even worse will be inflicted on the populations of Greece, Italy, Spain and Portugal, whilst global financial institutions will largely avoid their day of reckoning.

Second, the Left has typically thought of democracy as a good thing. Fiscal union of any meaningful nature means an unprecedented transfer of economic decision making away from elected local and national governments to a central, techno/bureaucratic body in Brussels.

Third, we don’t believe that deep austerity works. A truly convincing alternative is yet to be fully articulated, but it is clear that the current approach both here and abroad is in trouble.

Calling for fiscal union is to call for greater austerity in Europe – disconcertingly in tune with the Conservatives.

Undoubtedly, currency failure in Europe would have serious implications. The banking system would once more find itself in total disarray, this time without taxpayers able to bail it out. Deep recession would follow, which hurts us all.

But what the above suggests is that not only will saving the Euro fail to stave off recession (it may even hasten its arrival), it will also have other consequences we would typically abhor.

I am not suggesting that break-up is preferable. But it is our duty to at least critique the alternative. Failing to do so gives further credence to doubts about the Left’s willingness, and ability, to seriously engage with today’s economic reality.

Varun works in business, mostly in emerging markets

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Reader comments

“A truly convincing alternative is yet to be fully articulated.”

No shit.

Maybe the Labour of old which includes Tony Benn were correct about the EEC/EU and that the whole project is really geared towards the right wing side of politics if really what they want now is a big dose of neo-liberal thought.

First, we argue passionately against the unfairness of unbalanced spending cuts here in the UK – yet appear oblivious to the fact that saving the Euro means even worse will be inflicted on the populations of Greece, Italy, Spain and Portugal, whilst global financial institutions will largely avoid their day of reckoning.

Dude, what do you think’s going to happen to ex-Eurozone budgets if the Euro collapses? Free money and ponies for all? Iceland cut public spending by 30% over 3 years…

4. Man on Clapham Omnibus

You dont need to be ‘left wing’ (whatever that is) to recognise that the Euro was a bad thing right from the beginning. A common currecy is only applicable to common economic areas.I do accept that it was probably a goal to create a common economic area but that ol thang called Capitalism which I believe works against this process always gets in the way. A sensible approach now that the Euro is descredited is to go back to the beginning where every country can use exchange rates as a means to balance its economy.

Once again it is stated that a break up of the euro zone will lead to recession and ohter adverse consequences: and that saving it will lead to asusterity and other adverse consequences

I would like to make a plea for someone who truly understands the situation to spell out exactly how those consequences come about: and who will bear the burden in each case. I do not believe that I can be alone in being hazy on this: if it has been properly explained why collapse of the euro will be so bad I have not seen it.

I cannot make a reasoned judgement without that information. I understand the penalties of austerity and the demand for balanced budgets inherent in Merkel and Sarkozy’s plan. It is hard to imagine anything worse and so for now I am inclined to think the peoples of the eurozone should reject it. Why is this not correct?:

And losing 50%+ GDP won’t cause these things? The call for austerity is entirely separable.

@2 – So isolationism is now “left wing thought”? Pull the other one.

@4 – Ah yes, the disaster of the countries using the dollar. Oh, wait…

7. Kevin leonard

The collapse of the Euro zone would harm bankers insurance companies and money lenders more than the ordinary peoples who would be called upon no matter what to adhere to some form of austere government.
Saving the euro or losing the euro will always result in the poor bearing the brunt of things but I personally would prefer the bankers Etc. to really be in it together along with the political parasites who even now refuse to do anything to curb their expenses and not one mention about how they intend to either pay more or expect less from their pension funds.
At least when the euro falls we may be able to force the parasites to return to the democratic system of government and have the much needed discourse about the European union and Britain’s membership of it.
If merkosy and the rest have their way however I can foresee cameron clegg and osborne(the human centipede) having great trouble selling the ideology of “Being all in this together for the interest of the country”.
There will be blood on the streets within the next 18 months if nothing is done.

They can’t fix the Euro while Kosovo are using it as legal tender, despite not being signatories to any treaty obligations that would compel the Eurozone ecconomies to do what is necessary to fix it. 2.1million people live in Kosovo and use the Euro as legal tender, but they don’t print any notes or mint any coins.

An economy of 2.1million people, with absolutely no fiscal monitoring, let alone control. Plus 89,000 people in Macedonia doing the same, that’s about four times as many people as Luxembourg, where people certainly *will* be loosing their jobs in the public sector due to compulsory belt-tightening.

Compare that to 4 million people in Ireland, who now have to stand 23% VAT in a desperate effort to pay for this sh*t and Kosovo (the elephant in the room) completely unable to regulate it’s public spending or economic flow even if it wanted to.

Kosovo is the European capital of the sex slave trade in large part because it’s a lawless bandit economy that trades in Euros, women and girls are brought from all over Eastern Europe to where they can be bought and sold like cattle for hard currency.

All under the watchful eye and “protection” of UN and NATO KFOR Peacekeepers, commanded by Belesconi’s mates and cronies, far-right corrupt officers in the Italian Army.

Women are being sold into slavery for suitcases full of Italian and Greek printed Euros which are pouring into Kosovo from all over the EU and not coming out again; meanwhile, in Britain, also not a member of the Eurozone, we argue about how many nurses and teachers pensions to cut to pay for it.

We should be ashamed.

11. Leon Wolfson

@8 – Lool. Oh look, the tooth faerie.

And in case you think this is an unintended consequence of EU and NATO “humanitarian intervention” in the Balkans, bare this in mind.

Following the 1999 War and bombing campaign which established a permanent NATO (KFOR) presence in the region, the Kosovo Provisional Government, made up of former members of the paramilitary Kosovo Liberation Army (KLA) voted to adopt the Deustchemark as legal tender; The Germans then lobbied the European Central Bank (ECB) to frontload Kosovo with €150million prior to Euro Day on 1st Jan 2002.

That’s about €5000 per person for every man woman and child in the province, knowing full well that Kosovo was still legally a province of Serbia with an armed seperatist movement, rather than an recognised independent state. And they did this knowing full well that Serbia was not going to be part of the Euro and would not be using it.

This was done purely for ideological reasons – EU expansion at all costs. The extreme wing of the Euro-enthusiasts want everyone in the EU and in the Euro as quickly as possible, regardless of the fitness of their ecconomies and the wisdom of giving Greece, Ireland and Germany the same currency.

Regardless also the compatibility of the political cultures, not least in terms of openness… West Germany was forced to clean house and look itself in the eye in the latter half of the 20th Century, but Spain and Portugal were fascist dictatorships up until 1975 and anyone who’s ever tried to buy or sell property there, deal with the bureaucracy or seen Spanish Police in action (not to mention the utter secrecy seen in the case of Portuguese criminal investigation of the McGann kidnapping case) will tell you that those things take at least a generation or two to shake out. And the politics of countries like Italy and Ireland are seemingly incurably corrupt.

The EU want an independent Kosovo and Serbia both inside the EU at any cost. They also want Albania, and they want Turkey. Turkey might be in NATO but that doesn’t prevent them massacring their own citizens and waging war on them in the Kurdish regions, but the EU wants them in, regardless.

This is not an anti-Europe sentiment. It’s an anti-stupid sentiment.

Greece should not be using the same currency as Germany. Nor should Ireland. And nor should White Slave Traders in Prestina.

And we’re funding it. With our taxes and our bailouts to the rest of Europe, we’re funding it.

13. Leon Wolfson

Yes, and what does their buying euros to use as a currency have to do with anything?

Your criticism of America on the basis of Panama, Ecuador and El Salvador, not to mention Zimbabwe…

They’re not *buying* Euros in Kosovo, they’re trading in them. These aren’t theoretical digital 1s and 0s in a banking or international trading scenario – these are physical banknotes carried across national Borders from all over the EU and traded for sex trafficked women, drugs and other contraband as part of money laundering.

Oil, and most other commodities give the dollar it’s value because most commodities are being traded in dollars. When Iraq changed the Food for Oil Escrow balance from a dollar denomination to a Euro denomination in 2000, that caused a real panic in Washington.

The Euro has what value it has based on the commodities that trade in it and the strength of the ecconomies that support it. To take an example, Greece has few valuable commodities, no mineral wealth and zero confidence in the strength of it’s economic viability.

Few nations in Europe *do* have valuable or scarse commodities, certainly from the point of view of mineral wealth or industrial capacity/output.

But Kosovo does have a commodity. One not available anywhere else in Europe or more accurately, the Eurozone. Specifically, women in chains by the truckload and the opportunity to exchange them for hard currency.

So, the Euro currently is being valued by (amongst other things) debt, German manufacturing and human trafficking through Kosovo.

@13 It matters because they didn’t buy any Euros at all – the European Central Bank GAVE them €150million to get started with in a misguided bid to enhance and kick-start their bid for independent statehood.

International consensus as to whether or not Kosovo’s claim of independence is legal or not is far from decisive and the ECB gave a massive hard currency injection of hard CASH to one side in a bitter, sectarian turf war in preference to the other.

This would be like the US intervening in Northern Ireland in the 1970s by openly handing the IRA $150million to finance their bid for indepence from Britain. It’s just as stupid.

Never mind the fact that the Kosovo Central Bank is 8 guys with AK-47s and a Yugo minivan, if Luxembourg has a population of 500,000 people and Kosovo has a population of 2.1million, and citizens of Luxembourg are going to have to suffer massive cuts in public expenditure to keep the currency afloat (assuming that’s even possible at this stage) and citizens of Kosovo…. I’m not even going to finish that sentence because the implications are so absurd.

16. Leon Wolfson

@15 – Or Britain letting scotland use pounds, more realistically.

And they’re not “absurd”, they’re a conspiracy theory you’re making up

17. Kevin leonard


Second, the Left has typically thought of democracy as a good thing.

Think I `ve found yer problem luv, its this little bugger here .Leave one of ’em in and your ‘ole system will go wonky, you`d best be careful luv its a very very old model

19. Leon Wolfson

@18 – Yes, I know the right thing this “democracy” thing is outdated, acting like a right idjit don’t help none either though.

@16 Are you seriously suggesting that Scotland and Kosovo are comparable societies in terms of their public sector, banking and social infrastructures?

For one thing, England does not “let” Scotland use pounds, Scotland has used sterling or some form of it for most of the last 500 years. Kosovo has been using the Euro for less than 10.

For another, Scotland actually *has* a banking sector and a regulated one at that; it has an internationally recognised and uncontested elected devolved government of directly elected representatives. Kosovo doesn’t.

The declaration of independence in 2008 made by the self-proclaimed Provisional Government of Kosovo was made by and on behalf of the ethnic Albanian population of the region, based, funded and supported from Albania itself.

There is no WAY Albania would be allowed into or past muster to get into the EU, much less the Eurozone – it’s nowhere near ready, it was up until 1991 a totally isolationist hardline Maoist Communist dictatorship and their politics is corrupt beyond repair, with high level bribery, murder and political violence being commonplace.

And yet Kosovo, in some ways a client state to Albania is an unofficial member of the Eurozone, enjoying all of the economic benefits of membership with absolutely none of the commitments or disadvantages.

Not to mention the fact that sectarian violence and ethnic cleaning is still going on there, under the noses of the NATO peacekeepers.

Does that sound like Scotland to you? Would we stand for this in Belgium?

@16 It really does annoy me when people dismiss large and horrible barely hidden realities as conspiracy theories because they haven’t examined the situation objectively or don’t want to believe it.

I might remind you that for a 5 year period, phone hacking was a conspiracy theory, the extent of the lies and criminality understood and believed only by a few of us following the slow trickle of evidence and revelations coming out from The Guardian’s excellent and persistent reportage of the hidden truth. So was Watergate. When in the mid 90s did “conspiracy theory” become short-hand for “crazy”? Conspiracies exist. They’re only theories as long as they haven’t been given widespread acceptance or exposure. If 70-90% of Americans believe that Lee Harvey Oswald did not act alone, I’m sorry but that’s not a conspiracy theory – that’s a consensus.

And as far as the Euro, Kosovo and human trafficking is concerned, it’s all real, public and verifiable – the fact that it’s horrifying doesn’t make it less true and the fact that it’s true doesn’t make it any less horrifying.

The Euro is undemocratic – even without us being in it, it places steadily more and more of our decision making power outside the control of the elected representatives of Parliament and into the hands of unelected European Central Bankers (who don’t know what they’re doing) and those who trade in the Euro, including notably Eastern European people traffickers laundering money through Kosovo (who DO know what they’re doing).

But I don’t expect you to take me seriously at this stage… So I’ve complied some of the supporting evidence I’ve been assembling for the past few weeks in order to show my working.

See next post for details…

23. Leon Wolfson

@21 – I’m sure it does. Say, when are you going to blame the Jews?

Thanks for equating Zimbabwe and the USA in ethics, as well. What a wonderful conspiracy theory.

Also, your contempt for the law is notable.

@23 I never mentioned the US, Zimbabwe or Jews. You did that and I ignored it because we’re not talking about that.

This is discussion relating to Britain, the Eurozone and the Euro, if the systemic problems built into the Euro are fixable and if it’s desirable to do so.

I’m arguing that it’s pointless trying to fix Greece, Portugal, Italy and the Eurozone in general if you’re not trying to fix Kosovo as well and Kosovo isn’t fixable.

There are banks, bankers and national governments involved in this process, sure, but they’re not evil, they’re stupid and pigheaded with an inability to face up to reality, which is what led to the entire crisis from 2008 onwards.

And when I say banks, I mean banks, I don’t mean Jews. Most banks in Europe are owned and run by Protestants, not Jews, and they capable of doing far more damage by being blinkered and pig ignorant and unable to see beyond their balance sheets than they could by sheer malevolence.

The truth is, they’re just not that clever.

25. Leon Wolfson

@24 – You’re ignoring it because it debunks your language of hatred, yes.

You’re arguing that because of a tiny region, the EU is doomed and Britain should pull inwards, and establish a xenophobic isolationist regime. Typical conspiracy theorist nonsense. And as I said, you’ll get round to the Jews eventually.

Try to ignore the Troll….

@Leon, are you actually Guido Fawkes, by any chance?

27. Leon Wolfson

@26 – And yup, the accusations of being the sock puppet of a racist fool start. Been here before with the far right as well.

Get real. I’m a left-winger.

(And no, I chose to engage rather than ignore you, troll)

@Leon Well, giving you the benefit of the doubt, calm down, stop putting words in people’s mouth and calling people names and you’ll find our engagement far more fruitful and productive, we might even get somewhere.

Is it racist to critcise the EU and the way it currently fails to function properly and efficiently?

And if so, which race is being prejudicially treated or referenced?

29. Leon Wolfson

@28 – I’m perfectly calm, and I’m going to keep on extrapolating the reasonable results of what you want to occur. It’s always amusing when trolls think they’ve annoyed me – no, shooting at me would do that.

And I don’t care for your excuses, your characterisation of Germany as an identikit for the EU stands. If you want to propose a more reasonable model, feel free.

@Leon Okay, well I mentioned Germany because they are the ecconomic powerhouse of both the EU and the Eurozone and along with France, one of the keystones of both the currency and European project in general. Of the founding states of the original form of the EU, they are amongst the most influential and powerful and their strength of their domestic economy and the fruits of German labour are one of the key things supporting and subsidising the rest of Europe at the moment. That’s undeniable.

The reason I mentioned Germany and not France in relation to Kosovo and the Euro mess is specifically because from 1999 until 2002, Kosovo separatists had unofficially adopted the Deustchemark as currency (seperate from the Serbian crown) and the German chancellory and the Bundesbank specifically lobbied the ECB to front load Kosovo with €150,000,000 prior to 1st Jan 2002.

That’s the only respect in which I specifically mentioned Germany, as an independent actor within the EU and one of (if not the) most influential member states. But they are not the be all and end all of the EU, nor was it my intention to suggest that they were.

People on the right wing often label any criticism of their government as unpatriotic, regardless of the merit of the dissent and criticism; you seem to be fixated on the notion that any criticism or outcry against the mismanagement or incompetence of the EU or it’s institutions is inherently racist when in fact it’s anything but.

I heard David Shayler on the radio on a while back saying that it was racist to say that the 9/11 bombers were Muslims. You can cry conspiracy all you like, but what does your common sense tell you?

And for the record, Britain declined to enter the Euro in the past; just as Norway declined to enter the EU when invited to join and the Swiss still continue to do… that’s not “isolationist”; that’s just not putting yourself at out and adopting a disadvantageous position for no good reason. We’re not in the Euro now, but we’re still completely bound up with the structural problems of the currency, we’re just less near the eye of the storm than we would otherwise be if we were right in the middle of it.

I’m not preaching isolationism, that’s not even an option even if we wanted to go there. It will never be 1938 again. I’m advocating damage limitation and insightful decision making based on more than just the balance sheet view of what’s actually going on across the continent.

Either you consider the whole problem or you ignore it entirely and that’s not one of the available options at this point.

31. Leon Wolfson

Yea, see, that’s rather a different view to how you came across before.

To me, damage limitation is becoming involved in Europe, and winning allies there rather than being half-heartedly tinkering at the borders, and paying anyway. (As we would even more so as a EFTA state, especially given the fact that some EU countries would be annoyed enough with us to add extra conditions…)

Small countries using your currency really isn’t a structural issue, though – or Zimbabwe, as I said, is undermining the US.

@31 See, the problem is, I have severe doubts a) that the Euro is salvageable and b) if it’s worth trying if it is; mainly because it’s going to be so utterly excruciating to do so and at best will only delay the inevitable.

We can make out we’re prepared how to help out in any way we like so long as the other member states “play ball” with us, but a great many of them are likely to cut off their noses to spite their faces and decide they don’t want our help or that it will come at too high a price. Either that, or so many states will be clamouring for our aid, they’ll all try and hop on board the lifeboat at once and capsize the whole damn thing when the prudent, sensible and responsible thing to to do from a self-preservation and self-protection point of view is to row as far away from the sinking ship as we can while we’re still able to rather than risk getting dragged down in it’s wake.

I think running around the Eurozone waving our wallet at people and trying to get concessions from desperate member states is a dick move at this point at this point.

33. Leon Wolfson

So the answer is what? An EFTA membership would LOSE us opt-outs (starting with the WTD and Schwengen), and we’d become a fax democracy like Norway.

Anything less than EFTA membership would produce a *massive* depression.

@31 I’d argue that Kosovo isn’t a small country within a European context. Their population is around 1.8million, plus a further 2 million in Macedonia and the ethnic Albanian population of the province are arguably either homogeneous or one and the same as the population of Albania proper who move in and out freely and that potentially means another 3.5 million people using the Euro with no recourse to any kind of fiscal control.

That’s a total of 7.3 million people, which is about twice the current population of Ireland and roughly equal to the population of Denmark and Greece, which is currently right under the kosh of the crisis in the worst way imaginable. It’s nearly as many as live in Belgium and Holland. But even excluding the citizens of Albania “proper”, that’s still 3.8 million people using the Euro but not part of the Eurozone, which is more than Luxembourg, Slovenia, Cyprus, Malta, Iceland, Latvia, Lithuania, Estonia… It’s just half a million less than Ireland and nearly as many as Norway and Finland.

You say “small country” in Europe, that implies places like Lichtenstein, Andorra, Monaco or San Marino which, let’s not forget, have all have a disproportionately high economic influence to their population. We’re talking about ecconomies based on populations 10 or 50 times larger than those places.

@31 and the difference in the situation with Zimbabwe is a fundamental one; in the US, it’s illegal to take more than $500 in cash out of the country and banknotes have metal strips woven into them to enable some measure of awareness of where US banknotes are moving to globally and trace the flow. As a system, it doesn’t really work all that well, admittedly.

In Britain we used to have similar laws about moving sterling banknotes and coinage out of the country – India to this day is incredibly strict about the movement of rupees and it’s impossible to exchange dollars, Euros or sterling for Indian money until you get to India because they’re so wary of the Pakistanis screwing with their money supply by carrying the stuff back and forth across the border.

The Euro has no laws restricting the movement of banknotes and currency; member states print money and it can be spent anywhere, moved across any borders. So not only can money printed within the Eurozone be moved *out* of the Eurozone and kept there physically and not only is there a financial incentive for that to happen with zero means of controlling that flow, by issuing Kosovo with Euro bank notes and not expecting them to account for them in later years is facilitating, enabling and condoning that flow of capital, which is then inevitably used for money laundering and investment in large scale criminal networks radiating outwards from the Balkans. Not to mention stoking ethnic tensions and creating a tinder dry environment for the outbreak of regional hostilities again.

@33 I’m not convinced a massive depression is avoidable at this point, that’s the thing.

Personally, I’d give it 1 chance in 3 of happening in this point. But whatever happens inside or outside the Eurozone, a new war in Europe, specifically a regional war in the Balkans, possibly dragging in Italy and Greece in the process…

That’s much more likely.

I’d give that 50/50 odds of that happening within the next 2 years.

37. Leon Wolfson

@34 – And Zimbabwe has a population of 12.5 million, not to mention the other 10.75 or so million users in countries who use it…those countries can and do use dollars. And that’s overlooking the dollar’s status as a reserve currency, which involves lots of countries holding it…

(And before the countries who peg their currency to the dollar…)

Shockingly enough, there are also another 300k Euro users in Northern Cyprus!

And yet, somehow, the Euro is doing this when otherwise another currency would be used. Nope, it’s something fundamental in the currency which is evil in your view. Never mind that the German Mark had none of those restrictions and was used in Kosovo before that, so Germany is evil too.

Also, while we will double-dip, deliberately making it worse that it needs to be is bluntly WRONG.

And of course you want another war with death, violence and bloodshed. The right love that. I’m quite sure you’re working hard to create it, rather than extending the EU peacefully over the region.

@37 *sigh*

I DON’T want to see another war in Europe, I’m just talking about it warning about it as the possible and potential unforeseen consequence of the continued existence of the Euro and failure to address the whole problem, going instead for piecemeal solutions.

The problem with the Euro intervention in the Balkans is the same as the legacy of the 1999 war; you’re economically empowering an armed minority in a volatile region with a significant paramilitary presence and turning a blind eye to Albanian attacks and acts of ethnic cleansing being committed against Serb enclaves.

The 1999 War actually *increased* instances and severity of acts of Serb ethnic cleansing and was less about formulating a real and lasting stable peace in the region than it was about taking punitive action against Belgrade for our (shameful) failure to curb the actions of the Milosovich government in the earlier conflict in the early 90s.

Kosovo unilaterally declared independence from Serbia in 2008 under UN and NATO protection; almost half the UN, by internationally recognised standards refuse to recognise Kosovo or the legality of that act, they have no popular mandate to do so, oppression and attacks on the Serb minority are increasing and an independent Kosovo under ethnic Albanian government would be little more than a client state to Albania proper.

The EU wants Kosovo to be an independent state for muddled and poorly justified reasons, largely tied up with policy and war-guilt. Putting a strong currency in the hands of an armed militia minority with limited international recognition in an incredibly unstable region is at best unwise, at worst morally bankrupt and corrupt.

I’ve checked my assumptions with friends of mine from the region, from Bosnia and Greece (which is, let us not forget, also a Balkan country and a short drive away from Prestina); they concur with my analysis that things are worse now than they have been for 10 years and another war in the region is “not unlikely” in the next year or two. And yet what damage limitation planning are we doing there, should it break out?

I don’t think the Euro is evil, just ill-conceived, anti-democratic and stupid. Because it’s designed by committee and under no-one’s control. If the US wants dollars, it goes to the Federal Reserve and they print them; if Greece wants Euros, it can’t print them, despite having the presses. It can print them, provided that 20-odd other Eurozone countries print a similar number and introduce them into their own money supply. How effective is that as a monetary control?

It’s niaeve to think that a Euro spent in West Cork is worth the same as a Euro spent in Berlin or Frankfurt or Crete.

Germany is a massively successful industrialised economy, Ireland isn’t. They have no resources of value other than labour and land. Germany has dozens of work-class, massively profitable multinational brands and companies, with heavy manufacturing bases largely within Germany itself. Greece doesn’t. They don’t produce anything and they have no goods to sell, their economy is principally based on 60 years of foreign aid loans throughout the Cold War to prevent them from going Communist whilst on the wrong side of the Iron Curtain and Tourism.

They’re not economically compatible states and that’s why the money has been draining out of places like Ireland and Greece faster than we can pump it in.

Unlike the dollar or sterling, the Euro is an artificial, after-the-fact solution to the problem of currency, a top-down solution based on ideological rather than practical concerns and what we are now seeing is the fiscal equivalent of tisse rejection.

Trying to put a quick fix in place to the quick fix will only create worse problems and more unforeseen consequences further down the road. The only thing to do to fix the problem is to abandon all our ideological presumptions and prejudices, scrap the whole thing, take a cold, hard look at the practical situation down on the ground (rather than what we wish it was) and rebuild the whole structure from the ground up.

An EFTA membership would LOSE us opt-outs (starting with the WTD and Schwengen)

There is no requirement for EFTA members to be members of Schengen, as can be seen by the fact that Liechtenstein isn’t one yet. The other three EFTA members chose to become Schengen members, it wasn’t forced on them.

Current news: Angela Merkel, the Chancellor of Germany, has huge interest in getting a missile shield up over Brussels in Europe so that she can protect a high end computer system that will be used to digitize a new world currency. Germany has plans on being one the founders of the world’s debt solution. This has everything to do with getting rid of paper currency. Merkel also plans to horde gold in her vaults and take away any real material wealth that is left so that digital currency will be the only thing people may receive. Microchips were considered too much to process by the secret council in Brussels. It would be easier to install machines to scan an imprint, much like a UPC symbol which could be tattooed in the flesh. This would also serve a lower processing budget. Protesters would be considered thieves as anyone not interested in the new currency system are interested in stealing physical wealth and not being accounted for on data files. In Germany, they call their currency “Marks” much like the US calls their paper currency a dollar bill. When the first prototype computer was created in the 70s by Dr. Eldeman, he joked and called the huge computer “The beast”. Angel Merkel wants to be a strong leader with the design project for the new currency. She hopes that it could possibly be started as “Mark of the computer” when they finalize plans for creating the digital currency. Of course to cover up any biblical references to “Mark of the Beast” a renaming solution for the flesh tattoo will have to be created. The Russians are very against the missile defense shield being put up as you have noticed in recent news. The Russians know exactly what the Germans are up to – controlling the world’s wealth. They know who controls the world’s wealth controls the world’s food and whoever controls the world’s food supply controls people. Angela Merkel is currently pushing for a treaty between Germany and Europe so that she can have a final say with the EU which is the common currency in all of Europe. Think of Europe today as Rome many years ago. Its the same fight to control Rome. If a treaty is made with Europe, then with strong influence Germany can manipulate the wealth there. Nicolai Sarzosky will probably offer a treaty to Israel after that thinking how can Israel refuse a treaty from the one of the wealthiest country(countries) who have the most influence over the Euro dollar. And its just like Germany to repeat history and want to look over the shoulder of Israel and everything they do using France as a cane. Oh, and Germany has strong influence over the United States too. They have since the 1700’s. An example is Henry Anslinger was a strong influence in US politics and is responsible for much of the racism and stereotypes we have today. The Germans always believed the joke was on the Americans, where the law prosecuted people for things the Germans thought were ok such as prostitution. Prostitution is legal in Germany and they even have special parking meters for prostitution operations to bring in more government earnings. The Germans will bank off of anything you can say. You can even call Germany a great whore country because of its history, current activities, and future plans. Germany’s dream is to turn Israel into one big whore too, by using France and Europe to have the strongest influence through money. The last thing we need is the new Reich established with a shadow over Israel, who is against terrorist. Afterall, Israel fights against Hamas, who are suicide bombers and share similar interests with Al Queda. The US and Israel use to have closer bonds. But now with German influence mixed with French arrogance, Israel is going to grow farther and farther away.

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  1. Liberal Conspiracy

    Three reasons why the Left might not want the Euro saved

  2. Martin Coxall

    Three reasons why the Left might not want the Euro saved

  3. Ben Bruges

    Three reasons why the Left might not want the Euro saved <<< yep. so why the tentative tone?

  4. EdHadfield

    RT @libcon: Three reasons why the Left might not want the #Euro saved

  5. Jamie

    Three reasons why the Left might not want the Euro saved

  6. James Harvard

    Three reasons why the Left might not want the Euro saved

  7. sunny hundal

    'Three reasons why the Left might not want the Euro saved' << well argued article

  8. David Taylor

    Three reasons why the Left might not want the Euro saved

  9. Chad Noble

    'Three reasons why the Left might not want the Euro saved' << well argued article

  10. Chad Noble

    Why the Left can't support EU fiscal union

  11. Bob Johns

    'Three reasons why the Left might not want the Euro saved' << well argued article

  12. Ian Dunt

    RT @sunny_hundal: 'Three reasons the Left might not want the Euro saved' < Most sensible article I've read today

  13. Sres

    RT @chadnoble: Why the Left can't support EU fiscal union < no one should tell them how to spend other peoples money?

  14. Clive Phillips

    'Three reasons why the Left might not want the Euro saved' << well argued article

  15. Clive Phillips

    Why the Left can't support EU fiscal union

  16. Antony Daniels

    Three reasons why the Left might not want the Euro saved | Liberal Conspiracy via @libcon

  17. Neil Rogers

    Why the Left can't support EU fiscal union

  18. Paul Abbott

    'Three reasons why the Left might not want the Euro saved' << well argued article

  19. Tania Ziegler

    'Three reasons why the Left might not want the Euro saved' << well argued article

  20. Lambeth NUT

    Three reasons why the Left might not want the Euro saved

  21. Molly

    Interesting. RT @libcon: Three reasons why the Left might not want the Euro saved

  22. Dave Boyle

    Three reasons why the Left might not want the Euro saved | Liberal Conspiracy (via Instapaper)

  23. Rob Haynes

    Interesting article on the impending financial collapse

  24. sunny hundal

    @kevpeel @samtarry @dpjhodges @markfergusonuk sounds good – important to debate. There are strong argmts against Euro

  25. Daniel

    @La_Lynne Cameron probably has no problem with that part..

  26. EdHadfield


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