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Rouge77Jan 1, 2011
Torygraph nonsense. Euro - or it's failure - is really an obsession for them and has been since it's founding. Some kind of inferiority complex at work. This is not journalism, this is daydreaming and it has become ridiculous years ago.
novenatorJan 1, 2011
Agreed. The conservatives in England have had a deliberate policy of trying to keep British sovereignty by keeping Europe weak and divided for centuries (since the Normal conquest if I'm not mistaken). Now that the subcontinent is uniting peacefully, the british aristocracy is doing everything in their power to sabotage the Euro.
Closed AccountJan 2, 2011
*Norman Conquest (and those were Frenchman to begin with).
novenatorJan 2, 2011
Ugh, that's what happens when I type too fast. A Normal conquest would not be nearly as terrifying as a Norman conquest, and not nearly as much fun as a NORML conquest.
rudegarJan 2, 2011
and the saxons were dutch/germans
carlingfordJan 2, 2011
They were vikings who settled in an area of France which became Normanday (Normans/Norseman) not french at all.
Closed AccountJan 3, 2011
Well, that would depend on how long the vikings spent in France (as far as I can tell, about 200 years, which would kind of make then somewhat Franc) but, if we are to be that exact, than perhaps most of northern Europe is Viking in one way or another.
Closed AccountJan 5, 2011
In England they were called Danes. Hence the Dane Laws.
danbarkerJan 2, 2011
That's because the Euro is dumb (also, the last super power before the US was the UK - so its kind of hard for us to let go from that... which giving in to the Euro would do).Comment is buried, click here to see the rest.
Closed AccountJan 5, 2011
Who needed to sabotage the euro? Even if you move to a larger herd you will eventually fleece all the sheep. Or what ever they do with sheep in spain.
ferretmanJan 2, 2011
Honestly has it has more do with the divisions between the various nations and groups there than anything else.
Britain has always been *very* wise to try to steer clear of the nonsense on the continent.
Closed AccountJan 2, 2011
Which begs a larger question worth considering: Were the last 20 years of US politics directed at undermining the Euro (only real competing currency to the $) and protecting the dollar hegemony?
Closed AccountJan 2, 2011
The euro is only about a decade old. The euro itself was created to undermine the US dollar, but not just to undermine it, also to virtually destroy it - and it failed. The euro was basically fabricated out of thin air without funds to back it up, hence it's like printing money you can't back up with gold. This is what has given europe a false sense of wealth and what has helped it falsely prosper for the last decade. The euro is an artificially value inflated currency. What would make you think the US has done anything to undermine it?
Think about it like this. Imagine your country has its own money maker, and it prints out a bunch of money. Now imagine they circulate all of this money to their citizens and those citizens buy and sell goods to each other, while also buying goods from foreign countries. It'd be no different in principle and economic effect than if you walked up to a car dealership and paid with the lint in your pocket.
This can effectively turn minimum wage jobs into well paying jobs. That's why you have chavs making the equivalent of $14 an hour flipping burgers. Except, you can only print soo much money before the value becomes soo deluded it begins to drop when inflation takes hold. Since that inflation was based on artificial wealth, and since you can't keep pumping in artificial wealth, there is no more wealth to pass around and inflation stays the same while you begin to go back down to the true value of the currency, much like tipping a scale.
But the problem of messing with the dollar was that a lot of wealthy businesses and governments across the globe traded in it. That means you have a whole lot of people with dollars in their pocket, and attacking the dollar destroyed much of the value of those dollars. It's like buying $100 in stock and only ever seeing $50 out of it. If you're a big company that is worth say 1 billion (and operates on a budget of such) and your value drops down to 500 million in a short period of time, there's going to be a lot of issues.
The effect comes to bite you in the ass when your prosperity begins to suffer because a country you're in trade with (or a country that trades with a country you trade with) that lost a lot on the dollar, suffers as well. It's like dominoes. They were hoping that if the dollar fell in value enough, everyone would switch to the more 'stable' euro, which would mean any dollar traded for the euro would have been like paying 50 million dollars for a 100 million dollar building. But all they really did was desperately cling on to their dollars to wait for the value to go back up.
Closed AccountJan 2, 2011
Ooooh...the "can't back it up with gold" s**t....tell me...why is gold inherently valuable? Other than its PHYSICAL uses (which would NOT amount to $1000+ per ounce), why is it valuable? Because YOU say so?
Pathetic Ron Paulians always want to talk bout the horrible inflation since we went of the gold standard...but they never want to talk about how the quality of life SKYROCKETED since then as well. I wonder why that is.Comment is buried, click here to see the rest.
mhuntJan 3, 2011
So you see no problem with just cranking up the printing press and printing more money with NOTHING to back it up?
jagedlionJan 3, 2011
The big question is, what is 'backing up' gold value? We're at a point where gold is valuable, because it is 'valuable' and no other reason.
Closed AccountJan 3, 2011
that is true. but in a world of different countries, with different currencies, different regulations, etc you have to have some guide and it doesn't necessarily need to be based on gold.
the problem with the euro was it's implementations. first off, it should have never been allowed into the global market, it was supposed to be to unify the european union hence it should have stayed for strict use only by the EU. second, instead of flooding the market with it, they should have used it to replace currency going out of circulation. it would have then at least been backed up by existing wealth rather than being wealth created out of thin air.
imagine it like this. say you're one of 3 people on an island, and one of them trades water they've gathered for a fish, and the other trades fish for water. now imagine the third person trades half a fish for the water but convinces him it's a whole fish, and then takes half that water to the other guy to trade for a fish. the third guy has a whole fish and half the water. the 1st guy only has half a fish, and the second guy only has half a water while both have done the full amount of work. this directly results in less prosperity because the circle of economics is broken. it's like if 2 people are forced to share the burden of another.
sanmanJan 3, 2011
whether it's gold or platinum or oil, it's about reposing value in something that can't be printed on demand using a printing press
certainly un-backed currencies don't qualify, since they can be printed endlessly on demand
jagedlionJan 3, 2011
The reason gold is used as a monetary standard is much because of its rarity. In that sense, a printing press that can't be imitated and is owned by a select few would be just as useful in terms of 'backing' as a few gold mines owned by a couple people.
When you think about it, there is no reason for gold to have a value any more. We need something to pass around because a barter economy is too difficult, but there is no fundamental difference between paper and metal.
Closed AccountJan 5, 2011
and what are you? an Al Frankenstein?
danbarkerJan 2, 2011
no currency is backed up by this apparently valuable gold - most of the currency reserves now aren't even real. Its mostly numbers on a computer with about 10% of the whole currency been actual physical money.
Closed AccountJan 3, 2011
The Euro as a general currency is about 10 yo, but it was introduced as accounting currency in 1999 and it was conceptualized much earlier than that, which in turn could not have escaped the attention of the Bankers in the States.
Closed AccountJan 4, 2011
you're unstoppable far outweighs your intellect.
cassedyJan 2, 2011
"Were the last 20 years of US politics directed at undermining the Euro (only real competing currency to the $) and protecting the dollar hegemony?"
I logged in just to reply to your comment. Do you know what British pound is? It s**ts on the US dollar in terms of value. So do currencies such as the Saudi Riyal. Go read a book.
jagedlionJan 3, 2011
You can argue that the dollar's presence in the energy trade qualifies as a hegemony.
The value of the single denomination of a currency isn't very relevant. For example, 'the yen' is quite powerful but 'a yen' is worth very little.
Closed AccountJan 3, 2011
Your anger far outweighs your intellect or knowledge. I think that you should read a book, but before that happens here is something:
1) Relative value of a currency at any exchange does not automatically guarantee it's supremacy (this is not to put anyone down, just the facts).
2) Oil is sold in DOLLARS, not any other currency. In order to buy that dang oil, the Brits and most other nations have to HAVE the DOLLAR or they're toast and since every one has to have the DOLLAR, it give it an unparalleled supremacy... for now.
dudecoolnameJan 2, 2011
As if the US dollar is in any better shape...
rhawk187Jan 2, 2011
Assuming we can stop spending/borrowing/printing money, I don't think the dollar is beyond saving. The Euro on the other hand will will die because their people simply won't let them do any of those things.
digghasnoethicsJan 2, 2011
Well, ignoring that those IFs are pretty big - just what is there backing the dollar?
It used to be considered a petrocurrency, but what price that in a world of peaked oil?
And when the dollar falls, there's no easy reversionary mode, nothing to go back to. If the euro will hurt as it comes apart, what will the dollar's demise be like?
darkshroudJan 2, 2011
The US will not switch to a foreign currency, we as a people are far to stubborn to do that. When/If the dollar faces hyper inflation there will be several domino effects. The first really big one will be US debt. Followed by a massive drop in US consumption of goods.
There is a reason conservatives & libertarians have been saying to buy gold & silver coins for the last few decades. All the while telling people they need to be more self sufficient. Having gardens, canning food, stocking up on goods. I know that if hyper inflation kicks in I'll have to start hunting deer, thank God for their over population.
gsydiggerJan 2, 2011
the euro will die because the taxes are ridiculous and the EU won't kick out a country due to their need for a big fat bailout
Closed AccountJan 5, 2011
It is a rung in the ladder that brings europe back down to the dark ages.
jagedlionJan 3, 2011
All this hullabaloo is mostly a response to the stronger dollar in the past two years.
blacklilyninjaJan 2, 2011
this story paid for by the organization to abolish the euro
ohnoes1000Jan 2, 2011
Ironically, 2 years ago in 2008, the Euro was considered by many fund managers and even some politicians as the "heir apparent" to the US Dollar. Now, it seems, that conventional wisdom has become accepted and everyone realizes that one cannot have a common economic policy without a common and enforceable political policy, which, in turn results in a paradox: how can you can a common political policy that is shaped by a single economic authority -- the ECB-- and still preserve the democratic ideals which were regarded as the one of the reasons for establishing the EU in the first place?
As with all predictions, I would not place much credence in the imminence of the Euro's demise, but I would consider it as a wake up call for those who espouse greater sovereign globalization without consider all of the consequences.
danbarkerJan 2, 2011
It probably will be though - the US will attempt to ensure that the US$ stays the global currency but after time they can't. So, I predict that the US will attempt to ensure that the Euro is the reserve currency because they can have more control over Europe than they will if, say, the Chinese yaun was the global reserve currency.Comment is buried, click here to see the rest.
aawwssJan 2, 2011
kif
avleJan 2, 2011
1% of telegraph predictions are successful. so the combined probability of this euro failure story is nothing to write home about.
jphrJan 2, 2011
British entities stating opinions on the Euro are probably not the best sources, because there often seem to be a kind of "I told you so" involved...
danbarkerJan 2, 2011
Well, we did tell them so.
NewsMeBackJan 2, 2011
Some Germans are still sad for losing Deutsche mark and wish to return it.
danbarkerJan 2, 2011
They should - as one of the largest economy in the world (and the largest in the Euro Currency) they should have control over their economy. At the moment they can't even control their interest rates...Comment is buried, click here to see the rest.
arthasmenethilJan 2, 2011
Looks like the Brits were smart not to get involved in that disaster currency. Now I wish the Dollar was doing as well as the pound.
lordofruin888Jan 2, 2011
Why on earth would you want the pound? it is going to be externally a worthless currency going forward. I've been sitting with most of my money in US dollars for the last 2 years! And I live in the uk!
arthasmenethilJan 3, 2011
Well that is smart since your pounds fetch a nice return in dollars right now.
I am not saying I want the pound, I just wish the dollar was stronger against it so it didn't cost me an arm and a leg to visit the UK for once.
jagedlionJan 3, 2011
I dunno about that. Ever since 2k8 the pound hasn't been worth nearly what it used to be. But I think that's mostly the stronger dollars' fault.
Remember, just because 1 pound > 1 dollar doesn't mean anything. Because no one who earns 40000 dollars would have earned 40000 pounds.
Visiting the UK now is the cheapest it's been in at least 4 years. You aren't visiting a third world country. You are visiting one of the most posh places to be, don't expect it to be cheap.
arthasmenethilJan 3, 2011
I live right outside New York City, I know how it is to pay a "posh" tax.
I guess I didn't realize the schism between US and UK salaries however.
xnerdcorexJan 2, 2011
One next step to a universal monetary system via the NWO.
Bulldozer820Jan 2, 2011
I also always suspected something like that. Only most humans in Europe do not want to see or hear the truth. Well yes, then they will wake up to stop and their blue miracle will experience.
rustycawleyJan 2, 2011
It this really a surprise. How did anyone expect a "union" of that many cultures, that many languages, and that much history to hang together in the name of commerce?
guillauweJan 2, 2011
I think that article and those researches mean nothing! I think it is just a way in order to destabalize again the Euro during that crisis and worry the investors!
guillauweJan 2, 2011
whatever, there is a reason under that... They didn't make that research just to en up to that conclusionwithout expecting anything behind it.
mobislinkJan 3, 2011
I don't know enough about economics to make a prediction about the euros demise but I found this article interesting. It seems that both the euro and the dollar have some problems.
http://gonzalolira.blogspot.com/2010/12/lull-before-storm-whats-coming-in-2011.html
ParentingCoachLisaJan 3, 2011
Impending crisis...
ghs2599Jan 6, 2011
good
ghs2599Jan 6, 2011
good