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Author Topic: Monetary union has left half of Europe trapped in depression  (Read 1762 times)

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Offline megimoo

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Monetary union has left half of Europe trapped in depression
« on: January 17, 2009, 08:36:14 PM »
Events are moving fast in Europe. The worst riots since the fall of Communism have swept the Baltics and the south Balkans. An incipient crisis is taking shape in the Club Med bond markets. S&P has cut Greek debt to near junk. Spanish, Portuguese, and Irish bonds are on negative watch.

Dublin has nationalised Anglo Irish Bank with its half-built folly on North Wall Quay and €73bn (£65bn) of liabilities, moving a step nearer the line where markets probe the solvency of the Irish state.

A great ring of EU states stretching from Eastern Europe down across Mare Nostrum to the Celtic fringe are either in a 1930s depression already or soon will be. Greece's social fabric is unravelling before the pain begins, which bodes ill.

Each is a victim of ill-judged economic policies foisted upon them by elites in thrall to Europe's monetary project – either in EMU or preparing to join – and each is trapped.

As UKIP leader Nigel Farage put it in a rare voice of dissent at the euro's 10th birthday triumph in Strasbourg, EMU-land has become a Völker-Kerker – a "prison of nations", to borrow from the Austro-Hungarian Empire.

<snip>


http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/4278642/Monetary-union-has-left-half-of-Europe-trapped-in-depression.html
« Last Edit: January 18, 2009, 02:21:04 PM by Chris »
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Offline franksolich

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Re: Monetary union has left half of Europe trapped in depression
« Reply #1 on: January 17, 2009, 08:39:58 PM »
Some might not know this, but the paper euros are serialized in letters and numbers stating their country of origin.

There was a story some months ago about how Europeans are demanding banknotes with serial numbers from Germany, and rejecting euros put out by Greece, Spain, &c.

I thought this was supposed to be a "unified" currency.
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Offline DumbAss Tanker

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Re: Monetary union has left half of Europe trapped in depression
« Reply #2 on: January 17, 2009, 09:56:00 PM »
Quote from: franksolich on January 17, 2009, 08:39:58 PM
Some might not know this, but the paper euros are serialized in letters and numbers stating their country of origin.

There was a story some months ago about how Europeans are demanding banknotes with serial numbers from Germany, and rejecting euros put out by Greece, Spain, &c.

I thought this was supposed to be a "unified" currency.

Well, all of the Euros are equal, but some of the Euros are more equal than others.

 :uhsure:
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Offline Vagabond

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Re: Monetary union has left half of Europe trapped in depression
« Reply #3 on: January 17, 2009, 10:30:29 PM »
I don't know about Ireland, they have actually done a lot more things right than wrong.  Long term, they are probably fine.
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Offline JohnnyReb

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Re: Monetary union has left half of Europe trapped in depression
« Reply #4 on: January 18, 2009, 01:15:22 AM »
Quote from: DumbAss Tanker on January 17, 2009, 09:56:00 PM
Well, all of the Euros are equal, but some of the Euros are more equal than others.

 :uhsure:

Sounds like they're very democratic Americans......OH! You're talking about money.

Nevermind.
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Offline The Village Idiot

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Re: Monetary union has left half of Europe trapped in depression
« Reply #5 on: January 18, 2009, 02:24:46 AM »
Quote from: franksolich on January 17, 2009, 08:39:58 PM
Some might not know this, but the paper euros are serialized in letters and numbers stating their country of origin.

There was a story some months ago about how Europeans are demanding banknotes with serial numbers from Germany, and rejecting euros put out by Greece, Spain, &c.

I thought this was supposed to be a "unified" currency.

How much you wanna bet in Zimbabwe currency that this will all somehow be blamed on capitalism??
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Offline Vagabond

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Re: Monetary union has left half of Europe trapped in depression
« Reply #6 on: January 18, 2009, 01:53:21 PM »
Quote from: FGL on January 18, 2009, 02:24:46 AM
How much you wanna bet in Zimbabwe currency that this will all somehow be blamed on capitalism??
One Trillion Dollars?
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Offline The Village Idiot

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Re: Monetary union has left half of Europe trapped in depression
« Reply #7 on: January 18, 2009, 02:05:49 PM »
I think I found that much in my shoe the other day
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