Via CNBC;
An overwhelming majority of business and financial leaders from around the world think there is a chance that one or more euro zone countries will leave monetary union over the next three years.
Via CNBC;
An overwhelming majority of business and financial leaders from around the world think there is a chance that one or more euro zone countries will leave monetary union over the next three years.
Ding, dong, the welfare state is dead.
Yeah, and it’ll be Germany. Think they’re getting sick and tired of bailing everyone else out.
I do feel sorry for eastern European nations who thought the euro and the European Union would help them emerge from their post-Soviet poverty. While western Europe sat on its @$$, these countries languished under communism and struggled to get back on their feet. Now, with the welfare states drying up and the Chinese octopus, these countries are being acquainted with further hardships.
Unfair.
I’d mentioned before that the ‘monetary union’ was doomed because of an absence of shared history between union members.
Think of it as Family vs. Friend vs. Foe. Who am I likely to bail-out, why, and what are the conditions?
Family: Sure, I’ll bail you out again, even though I know that you won’t pay me back, and you’ll be back in a short while asking for more money if history is any indicator.
Friend: Sure, I’ll bail you out, but you must pay me back in a timely fashion; or, “no” I won’t lend you money because you haven’t paid me back from the last time I lent you money.
Foe: Go fcuk yourself!
Depending on where you sit, members in the ‘monetary union’ fall into these three categories. This is completely different from a union such as Canada or the USA where all individual jurisdictions are ‘family’ whether we like it or not. Without this emotional bond between members, I’d suggest that such a union is bound to crumble for obvious reasons.JMO
Maybe Ireland should make a break for it now!
Wonder if the Euro zone will collapse before or after they surrender to islam as their new state religion?
After they capitulate to Islam Fred, who needs money when your nation is run by religious fanatics hopped up on Allah juice.
Not far behind is the collapse of the CAP. Germans and others are growing tired of paying Greek olive farmers 5 to 10 times more for their product than its worth.
Posted by: Fred at February 1, 2011 2:51 PM
I believe that the collapse of the Euro and the welfare state is what Europe needs to get them to expel their Islamic hordes.
It’s one thing to feign political correctness and keep feeding every Islamic piece of crap that shows up in your country when you believe that economic times are good.
When the economy tanks, and you’re not actively expelling those that hate you AND are taking food out of the mouths of your family and friends, you deserve what you get.
In any event, I’ve stopped caring about Europe a couple of years ago. Either way….screw them.
I see new is back. Don’t feed it.
One or a few dropping the Euro is one thing. They will really get my attention when they start dumping their quisling governments and the EU and start putting on show trials of the elitists who sold them down the river. Rowan Williams, you unintelligible druid, are you listening?
The European Union has descended into overt Fascism a long while ago. No elections in their respective Countries mean anything to the picked bureaucrats in Brussels. The Voting system is a sham to keep people thinking they still live in Democracies. Mean while the unelected bureaucracy & figureheads do as they please with no governor on their fanaticism over ever more Power.
It would mean war if one left now. The EU is a bunch of Statists, that jerk each other off at the expense of their own peoples.
JMO
I suggest reading Diamond’s ‘Collapse’. When civilizations over extend their abilities to support the fringes they quite often collapse inwards. Inherent geographic advantage does count in the real world and that is why significant civilizations have evloved from them. Those countries within the EU who have serious financial problems in most cases cannot sustain a modern, high cost society. The EU central bank simply allowed the excesses of the fringes to go further in debt than they should have.
Many of these EU countries are no different than welfare recipients who have no marketable skills or financial discipline to straighten out their lives. They will default! They might sacrifice their sovereignty rather than leave and face the world without whatever crumbs they might receive from the EU. Many of these countries do not have sufficient military to defend themselves.