aster wrote:Nothing flawed with the currency or the people who created it
On the contrary, the currency is fundamentally flawed. No control over the individual nation's taxes, debt, economy, banks, and financial systems, yet the Euro is somehow supposed to stay in "alignment".
No, on the contrary, the PIGS are simply the end game of a fundamentally flawed economic policy that continues to be propped up... for what end, exactly?
The reality again is that no country will ever pay off its debt. A fact. Therefore, the adjustments required to cure an unsustainable debt load have to take on a face other than austerity, and the sham that somehow austerity measures will somehow cause the debt to be paid down.
Greece is cooked. Those who invested in Greece debt need to say, "buh bye" to all their hard earned Euros... hey... isn't that capitalism at its best... call it wrong and lose?
Only question is... what is the best way to moderate/control the blow up? Conversion to the drachma, followed by currency devaluation seems to be the least disruptive way. Or inflate the Euro. What else?
I have to say, Aster, that I never see you offer an economic theory as to why your views might be the correct ones.