Er, why?

(pissflaps., Thu 14 Jun 2012, 9:25, Reply)

The Euro is too strong because of Germany
Euro was a bad idea because it was a political project rather than a well thought out monetary project.
( The Scrunt PA to Miss F CEO of Tropicana, Thu 14 Jun 2012, 9:35, Reply)

But that's the point
It is a monetary/fiscal project, which can only work when there is full monetary and fiscal union. The proposed union was watered down to make it acceptable, to the point where it became too weak to be useful, but was still implemented, because it had become a huge political project which no one could object to any more. And I live in Europe, therefore I know about this stuff.
(Smale is stuffed, Thu 14 Jun 2012, 9:53, Reply)

I think we
are on the same page. But rather than stutter from crisis to crisis it would be best if Germany and whoever else starts printing a new currency.
( The Scrunt PA to Miss F CEO of Tropicana, Thu 14 Jun 2012, 10:04, Reply)

Speculation is the lot of them have already printed new notes.
The European project has been successful at one thing though.
It's been aaaages since we've had a scrap with france or germany.
( Amadeus So long and thanks for all the phish, Thu 14 Jun 2012, 10:13, Reply)

HSBC is trailing Drachmas in their Greek cash machines as we type.
The Euor works because it creates a common currency for trade. The only export lead economy is Ze Germans, so it follows the Euro is great for Heinrich, but not so good if your main income is Holiday makers.
I was going to post this earlier in the week ,but thought I'd be 'too political' Glad it wa upped, at least it made a few Eurocrats spluff their cappuccinos.
(jams find what you love, then let it kill you., Thu 14 Jun 2012, 10:50, Reply)

Sadly...
The fact is that a super-state of non-compatible cultures (we have had wars amongst every member state for almost a thousand years), was never going to work - either politically or financially. However, France and Germany had a motive to try to create a socialist super nation with them at the centre of the powerbase. People envy the German workforce, who have ridiculously high wages and workers packages (paid sabbaticals, etc). Purely assuming German finance was sucessful based on industry and exports is naive - Eastern economies have greater exports and cheaper labour costs, so how can Germany compete without playing fast and loose with the reality of their financial situation. France has a workforce that strikes at the drop of a hat, which cripples productivity, yet is propping up its workers' incomes by subsidising businesses with funds and preferrable trading legislation. The upshot is that they have both a vested interest in the Eurozone, as they can gain favourable trade and can also use Euro legislation to skew things in their favour regarding Far East imports into the Eurozone. I don't blame them for taking advantage, as anyone given the opportunity to have their cake and eat it is likely to take it. Especially as France and Germany are the two big industrial powers, with the other big Eurozone countries relying more heavily on tourism, which dies off rapidly when money gets tight.

It was never going to work. All the pseudo-cosmopolitan posturing and lip service to a great and harmonious future for all citizens in the Eurozone can't cover up the fact that they ignored the facts and realities of the situation in order to create an autocratic bureaucracy that let a lot of people make a lot of money by playing a huge game of The Emperor's New Clothes. They have built a house of cards with no cards at the bottom and are now wondering why it is falling over. Frankly, I am amazed it lasted this long.
(Chad, Thu 14 Jun 2012, 23:35, Reply)