When the financial crisis hit the US, as some here were singing the virtues of Europe and its economy over the US, I stated that Europe will end up paying through the nose for Euro. I did not know that it would be so soon. It will be much, much worse for Europe than it is today, before it is over. What a blatantly stupid idea Euro has been. Continental Europe as a whole, has never understood economy in their entire history. They have only reluctantly emulated what UK and then the US has done because they have had no choice or else they would fall dramatically behind. Euro was their brilliant idea. It shows total lack of understanding of reality, realities of economy. Of course pockets of intellectuals within continental Europe have gotten it but they have never been able to get even minimal traction.
As industrious, intelligent, and disciplined the German people are, if left alone, they would bring economic ruin upon themselves time and again, because they simply do not understand economy. If the US had not been holding up Europe they would be in much, much worse condition.
Germans simply do not understand what the current problem is in Europe to be able to help fix it. They are making the situation worse, and will end up shooting themselves in the foot. Their only hope is to follow what the US has already prescribed for them.
Euro is nothing but a fixed exchange rate regime. Fix exchange rate, means dramatically less freedom, hence, it will always without exception be harmful. Europeans are still holding on to the dream of Euro as an alternative currency to the dollar-how delusional! Don't believe me, just watch.
As industrious, intelligent, and disciplined the German people are, if left alone, they would bring economic ruin upon themselves time and again, because they simply do not understand economy. If the US had not been holding up Europe they would be in much, much worse condition.
Germans simply do not understand what the current problem is in Europe to be able to help fix it. They are making the situation worse, and will end up shooting themselves in the foot. Their only hope is to follow what the US has already prescribed for them.
Euro is nothing but a fixed exchange rate regime. Fix exchange rate, means dramatically less freedom, hence, it will always without exception be harmful. Europeans are still holding on to the dream of Euro as an alternative currency to the dollar-how delusional! Don't believe me, just watch.