(snippets)
The imposition of the euro, and the rigid economic policy a single currency implies, is having socially catastrophic effects across much of Europe on a scale that dwarfs Britain's suffering in the 1990s.
Consider the facts. In Spain, unemployment has already reached a gut-wrenching 19.3%. But unemployment for those between 16-24 is a catastrophic 42%. In Greece, youth unemployment is 25%, in Ireland 28.4% and Italy 26.9%. Marginal eurozone countries such as Greece, Spain and Ireland are not just in recession. They are in depression – and so long as they remain inside the euro there is no exit.
We have been here before. In the 1920s, central bankers like Bank of England governor Montagu Norman were convinced that all would be lost once sterling abandoned the gold standard. In 1992, the British banking and political elite felt the same way about the ERM. But, as Norman Lamont discovered the hard way on Black Wednesday, you can only defy political and economic reality for so long. In the medium term, economies like Greece and Spain are certain to break away from the euro. The refusal of the political elites to recognise this inevitability means that 2010 is going to be very painful, very bloody and very dangerous.
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North Korea’s New Currency Collapses
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FYI: Your Website now appears to be pushing a virus "Torjan-Downloader.JS.Agent.ewi". Perhaps your website has been hacked?
ReplyDeleteImpossible to hack a BLOGSPOT site.
ReplyDeleteThe PIGS countries (Portugal, Ireland, Greece and Spain) have always had difficulties to maintain a proper budget.
ReplyDeleteThey had shortages in their budget in economic good times, so it's no surprise they are in deep trouble now.
Greece was only allowed to enter the euro zone after they promised to get there balance back to a deficit of 4%. It never happened of course.
Will this be the end to the euro, no. Will there be great difficulties in the euro zone, yes there will be.
Its probably all the ads, LOL!
ReplyDeleteWelcome to 2010, the end of the Euro and the start of the Illuminero! That's right, come and get your real SILVER Illuminero coin, all bright and shiny, personalized and signed by all the members of the Illuminati, including but not limited to: Abraham Lincoln, Thomas Jefferson, Gordon Brown, Gordon Lightfoot, Aldous Huxley, Alfred Jarry, Thomas Edison, Charlie Patton, Al Jareau, and George W Bush.
ReplyDeleteBuy now while supplies last!
You almost have to give T.J a pass don't you?? heck the guy invented 2 current strains of peas!!who the hell is charlie patton?
ReplyDeletehe better not be related to Geoge S. Jr.
Never make a pass at the Illuminati, it might be your last mistake!
ReplyDelete