Countries have been taken over economically before (and still - through
trade/embargo, etc.). So, if a country defaults, does that mean all the
population goes into an international debtors prison situation and
becomes a 'third world' economic slave state for the benefit of the
bankers and multinational money players that created the catastrophe in
the first place??? That /will/ create war. But war has always been the
ultimate amassing source of income for international "money lenders". So
.... .
D.
On 01/06/2012 8:49 AM, Ed Weick wrote:
The Eurozone was a beautiful idea that didn't, and indeed couldn't
possibly, go far enough. As Keith points out, the members of the EU
remain sovereign states, each responsible to their own people for all
matters that countries are normally responsible for except for one
very major thing, their currencies. Responsibility for that was given
to the European Central Bank and ultimately to the EU's powerhouse,
Germany. What is being recognized with increasing clarity by EU
members is that crucial affairs of state like levels of debt,
employment and other critical matters simply cannot be managed if the
state doesn't have fiscal and monetary control. And yet, one wonders
what will happen if Greece goes back to the drachma, Spain to the
peseta, Italy to the lira, and Ireland to the Irish pound. Would the
huge debts that Greece and Spain have incurred be repayable? Would
creditors who expect repayment in the relatively stable Euro accept
payment in much less stable national currencies? Is default
inevitable, and if it is, what might the consequences be for the
international economy? We live in interesting times that will likely
become far more interesting in future, though not in a positive sense.
Ed
----- Original Message -----
*From:* Keith Hudson <mailto:[email protected]>
*To:* RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION
<mailto:[email protected]> ; Ed Weick
<mailto:[email protected]>
*Sent:* Friday, June 01, 2012 9:49 AM
*Subject:* Re: [Futurework] Goodby Euro?
At 13:47 01/06/2012, you wrote:
http://www.washingtonpost.com/business/economy/ecb-chief-calls-euro-unsustainable-slams-spanish-bank-response/2012/05/31/gJQAB7qY5U_story.html?wpisrc=nl_headlines_Fri
Ed
As you know, I've been forecasting the imminent death of the
Eurozone for the last two years or so. But they've been able to
devise another money-printing type plan each time and kicked the
can down the road. The problem gets worse each time it recurs. The
one that's been gathering pace for the past three weeks (and
paralyzing shares on the New York Stock Exchange) is by far the
worst yet. It's now seriously rippling from Greece to Spain and
Italy. Euros are fleeing those countries or going into German
bonds (where they get a negative rate of interest). Eurodollars
are fleeing Europe for US bonds (with almost no real rate of
interest).
The Eurocrats might possibly kick the can down the road once again
with another Euro-printing solution, but I can't see how the end
of the Eurozone as we now know can be delayed for much longer.
15 minutes ago The Guardian has already said that America's job
position "has hit a wall in May". Collapse of the Eurozone's
imports and exports will send America and China into tailspins. We
live in interesting times!
Keith
Keith Hudson, Saltford, England http://allisstatus.wordpress.com
<http://allisstatus.wordpress.com/>
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