JR8 wrote:I'm sure the euro will remain in some form, but a different one from the present. At a wild guess I'd say that the PIIGS will leave, and the euro will remain in the stronger northern economies. For example Spain facing debt funding costs of say 6% are simply unsustainable.
The only country in danger of leaving - or rather being forced out - is Greece. Portugal might be lumped in the same category, but there's no way Italy, Spain or Ireland are going anywhere.
Spain should do what Greece has done and slice&dice their bonds according to who owns them. So basically other gov'ts won't get hit, just the shylocks.
Look how well-behaved that thieving mob has become nowadays - all that snarling, barking and acting aggressive has stopped once they received a boot in the mouth in the form of a shylock-targetted default. So there is a silver lining in all this after all.
JR8 wrote:He honestly thought the people and Greece and the other PIIGS could all be like upstanding German citizens. No 2hr siestas, no back-handers to the taxman. Talk about cultural imperialism and wishful thinking!
People said the same thing about Korea when it was a backwards nation, with a primitive economy, shabby education system, etc. I'm not saying that Greeks will ever be as hard-working as Germans, but they will have to learn to spend what they earn and crack down on corruption. Don't think this has anything to do with German cultural imperialism... that would work in these parts of the world more than Europe, just look at Singapore where the "made in Germany" label seems to give people instant, multiple orgasms...
JR8 wrote:There is no plan and no clear method by which the PIIGS could ever become functioning, or perhaps even successful, euro-zone members.
You keep blaming things on the currency when it has nothing to do with that. Over-borrowing is the problem here, and the Euro currency simply means that the costs of doing that were low, so certain govt's decided to over-borrow and over-spend. Blaming the currency is not the issue here. If you have a CC and you over-borrow/over-spend and have trouble paying it off then whose fault is it in the first place? Especially if you sent false documentation about your earnings to the CC issuer to get an even bigger limit?
I would love to see American consumers who have trouble paying off credit cards some out and blame it all on the... US DOLLAR!
JR8 wrote:the euro, with Germany at the helm, is currently doing a pretty good job at destroying the EU.
Here we go again...
JR8 wrote:Well, that is the PR-line from Brussels, but back in the real world it is certainly a fringe minority view.
The fringe minority view is that the Euro won't collapse? I think you've got it the other way around: the fringe view is that of a Euro apocalypse. Unfortunately it's all talk and no action, after all the Euro isn't going into freefall and losing value at the pace of Zimbabwe's currency...
JR8 wrote:Again the broad dismissal leads nowhere. Could you please quote from the articles what you consider 'these jokes', as otherwise no one knows what you're referring to.
Well, basically all these cry-baby articles about how the Euro is done and finished are written by clowns, for clowns. Add to that the blind Euro-hating crowd ("since we aren't part of it, we'll just hate it and hope it goes down") that will beat the meat at the sight of such an article and you have a target group already.
JR8 wrote:I think you need to follow the money, the vested interests. Ratings agencies certainly have those.
BINGO!!! Who's losing out due to the common currency? Is it not... the banksters? There you have it...