It seems only a matter of time before the Eurozone as we know it will be gone. The question that remains is how do we survive it.
It is not just a problem with Greece but the Euro system itself. What was the logic in coming up with a rigid continent-wide single currency system when the needs on the ground in each country were different? Is it any surprise that the system is now unravelling?
The problems facing the Euro system suggest to us that economic decentralisation and the principle of subsidiarity is still the best option.
Read this article, The End of the Euro: A survivor’s guide from the EconoMonitor blog.
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Euro or not, nothing can save a country that prone to money printing habits. Back to basic, sovereign currency is nothing but hallucination, if any country central bank and its political body cannot refuse the temptation of printing money to support the government body wasteful spending.
When everyone laughing at Zimbabwe, few realise that any country may be the next zimbabwe 2.
And many people just refuse to read history. When USA gains its independent, they are still many states prints its own money, there is little different compare to today Euro.
Remember Dr M used to advocate some thing like a euro currency to replace US$ since China is too kaisu to float it’s currency. Some crazy politicians in Europe probably believe the non-sense of Dr M. What is worst is that they also believe the non-sense of Obama’s stimulus policy. Greece politicians jump into the bandwagon of economy stimulus, believing that is the cure for all. The stimulus policy coincidentally is also the crazy policy of Dr M which call upon us to spend all our money to stimulate growth. Here we have Najib and lgE tried to out do… Read more »
The donkey in the pound, not a pub, but Britain’s refusal to join the Euro currency.