Tee hee. This article explains in nice simple terms how and why the Euro will go *pop*.
As I always say, if currency unions were such a good idea, surely we'd be down to just a few currencies by now, a bit like the way minor languages are dying out while the use of English, Spanish, Arabic etc is constantly increasing, but we aren't. So there must be something inherently unstable about currency unions. Should be fun!
Update - apparently the Irish are none too happy about the Euro either, now that their construction bubble has imploded. However, I'm not sure whether the Irish would be able to go without the €396 each that the EU is bunging them - especially in a down-turn, assuming the EU had the nerve to threaten to cut off their funding as punishment for leaving the Euro, hey, the EU could even ask them to start paying something back!?
Monday, 10 March 2008
UBS warns euro will be pushed close to breaking point
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3 comments:
Inevitable but still interesting to read. Sad to think what the consequences for the real people of Southern Europe will be, you can bet the politicians will be cushioned from the eventual impact.
The British live in a currency union of England, Scotland and Wales!
Exactly snafu - and the advantages go to the dominant economy, which is England.
After 1922 the Irish attempted to retain a currency union with the UK only to eventually be forced to abandon it.
Strange that they would then make the even bigger mistake of joining the Euro...
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