In the 17 countries of the Eurozone there are 17 warehouses stuffed
with adequate numbers of brand-new bank-notes of what, at the moment,
are their former currencies -- lira, pesetas, guilders, francs,
deutschemarks. drachmas, whatever. It cannot be imagined that any
self-respecting civil service would not already have organized this
within at least the last two years of heightened concern about the
future of the euro. It may even be the case that some prescient
treasury departments didn't incinerate their old banknotes ten years
ago and simply stillaged them in a convenient salt mine, ready for
re-use if necessary.
At the same time, if statements here and there are to be believed,
scores, perhaps hundreds, of transnational corporations will have
already set up parallel accountancy systems which could be activated
if any or all the Eurozone countries go native. Certainly all banks
will have done so. Indeed, a day or two ago, investment experts
at Deutsche Bank have said that the collapse of the Eurozone "is a
very likely scenario". Silvio Berlusconi, former prime minister of
Italy and clown though he is, is thinking of leading his party on a
return-to-lira ticket. Given that prime minister Mario Monti's
austerity measures are already causing riots in Italy then Berlusconi
might well be onto a winner unless the authorities find some pretext
of locking him up after a quick trial. (And, goodness knows, there's
already plenty of evidence of corruption on which his colleagues have
already been found guilty.)
Oh! and by way of a postscript, we might mention that many sensible
Eurozone individuals are also trying to insure themselves against a
calamitous collapse of the Eurozone. Every now and again a plane
load of krugerrands is flown from South Africa to Europe. Gold
dispensing machines are being installed in some German hotels. The
Pan Asia Gold Exchange, knowing a good market when it sees one, is
intending to open depots in Europe where internet-purchasers of gold
can store it or collect it.
Meanwhile, senior Eurozone politicians and bureaucrats will continue
to assert that all will be well. And, because most of masses are
totally bewildered by all the financial jiggery-pokery going on, and
are always inclined to believe good news rather than disaster, the
propagandists will be believed. Right up to the last moment.
Keith
Keith Hudson, Saltford, England http://allisstatus.wordpress.com
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