Author Topic: The Euro Disaster: Failed Monetary Unions, Past & Present  (Read 307 times)

Mackin USA

  • Inner Core
  • Hero Member
  • *
  • Posts: 2099
  • Abstract Artist
    • View Profile
The Euro Disaster: Failed Monetary Unions, Past & Present
« on: January 18, 2018, 11:33:53 AM »
In summary, we have a monetary union without a common fiscal, tax, social and defence policy that has failed and continues to fail: Greece’s bankruptcy, Brexit, Catalonia, high unemployment in Italy, Spain and Slovakia, to name but a few disasters.

SEE CHART

https://www.zerohedge.com/news/2018-01-18/euro-disaster-failed-monetary-unions-past-present
Mr. Mackin

Brad

  • Inner Core
  • Hero Member
  • *
  • Posts: 2107
  • What, me worry?
    • View Profile
Re: The Euro Disaster: Failed Monetary Unions, Past & Present
« Reply #1 on: January 18, 2018, 04:00:43 PM »
My problem with the Euro remains the same since it was rolled out: a single nation state currency (ie US dollar, UK pound) is backed by the full faith and credit of said State.  The pride of the nation backs those currencies. The Euro is backed by nothing other than bureaucrats and marks on a ledger and if the going ever became really bad the member nation states would pull out to save themselves.

Almost happened with the Greek crisis.