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Is it time to let the Euro go?


Parky
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The state (across most of Europe) has gone too far and aligned itself with the money men primarily through fear that they might lose priveledges/the people might glimpse behind the curtain and so on...For me the curtain has a gap now which the state is trying to close but can't people have seen through the negligence and greed by way of the various money crisis and visionless rolling from side to side of a beleagured late Capitalism. I think the demo's will increase, I think there are major problems coming for Europe as a whole as the German money chain is now at breaking point reg bailouts and so on...Once the German banks and Govt confidence is breached all hell will break lose cause there really is no other country that can bridge the financial cravass.

 

The euro is finished. Best to face upto it now instead of keeping bailing out fucked up economies and broken systems.

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UK banks abandon eurozone over Greek default fears

UK banks have pulled billions of pounds of funding from the eurozone as fears grow about the impact of a “Lehman-style” event connected to a Greek default.

 

Senior sources have revealed that leading banks, including Barclays and Standard Chartered, have radically reduced the amount of unsecured lending they are prepared to make available to eurozone banks, raising the prospect of a new credit crunch for the European banking system.

 

Standard Chartered is understood to have withdrawn tens of billions of pounds from the eurozone inter-bank lending market in recent months and cut its overall exposure by two-thirds in the past few weeks as it has become increasingly worried about the finances of other European banks.

 

Barclays has also cut its exposure in recent months as senior managers have become increasingly concerned about developments among banks with large exposures to the troubled European countries Greece, Ireland, Spain, Italy and Portugal.

 

In its interim management statement, published in April, Barclays reported a wholesale exposure to Spain of £6.4bn, compared with £7.2bn last June, while its exposure to Italy has fallen by more than £100m.

 

One source said it was “inevitable” that British banks would look to minimise their potential losses in the event the eurozone crisis were to get worse. “Everyone wants to ensure that they are not badly affected by the crisis,” said one bank executive."

 

You can probably x20 the real exposure which most banks are hiding.

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Parky, I'd have thought you might have thought it was a little suspicious that just at the point that people were seriously talking of the Euro replacing the Dollar as the world's reserve currency a massive global financial crisis erupts which has "Made in USA" written right through it yet has actually managed to strengthen the Dollar and potentially destroy the Euro. Strange how this kind of thing seems to happen.

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Agree. Was always going to end in disaster trying to cram so many economies into one single currency. They're trying to spend their way out of this mess and it isn't going to work.

 

Pretty much. A central bank controlling vastly differing economies always seemed crazy to me.

 

You don't think that there's a difference between the economies of California and Michigan then?

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Parky, I'd have thought you might have thought it was a little suspicious that just at the point that people were seriously talking of the Euro replacing the Dollar as the world's reserve currency a massive global financial crisis erupts which has "Made in USA" written right through it yet has actually managed to strengthen the Dollar and potentially destroy the Euro. Strange how this kind of thing seems to happen.

 

Said the very same thing as that elsewhere on here last year iirc.

 

The attacks by American alligned fianancial terrorists (Goldman Sachs etc) has been destabalising the euro for over a year now...

 

But Germany alone can't hold this shit together.

 

Single currency?  :whistle:

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Agree. Was always going to end in disaster trying to cram so many economies into one single currency. They're trying to spend their way out of this mess and it isn't going to work.

 

Pretty much. A central bank controlling vastly differing economies always seemed crazy to me.

 

You don't think that there's a difference between the economies of California and Michigan then?

 

Precisely. London and Middlesbrough is an even better example. Like all currencies it's a political issue, not an economic one. Which is the weakness of the Euro - it has less political/social will behind its existence. German people disavowing Greeks people etc, and seemingly no serious power holders possessing enough will to subjugate one/both parties, let alone the scope to make a strong attempt at doing so.

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Agree. Was always going to end in disaster trying to cram so many economies into one single currency. They're trying to spend their way out of this mess and it isn't going to work.

 

Pretty much. A central bank controlling vastly differing economies always seemed crazy to me.

 

Agree with this. It's definitely time to let go of the single currency. My view is that a single banking institution having full control of several economies was never going to be a good idea.

 

I'm glad GB isn't part of the Euro.

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Hmm, some economists on news night were saying that this crash could bring countries economies even closer together so it can be managed better.  Basically this crash is going to make it better regulated and more control  taken away from governemnts and put in the hands of central EU "controllers".

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Im really worried about where this shit is going to take the world...nerves are getting strained and people are losing money left right centre.  I smell a war on the horizon.

 

The fact that overpopulation had reared its ugly head in political discourse again for the first time in decades surely adds further fuel to that fire. Yup, I can smell war coming this way soon...

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Im really worried about where this s*** is going to take the world...nerves are getting strained and people are losing money left right centre.  I smell a war on the horizon.

 

The fact that overpopulation had reared its ugly head in political discourse again for the first time in decades surely adds further fuel to that fire. Yup, I can smell war coming this way soon...

it's a con. back in earlier centuries the population debate was relevent as there were time when as a a planet we couldn't produce (or transport the food) enough for everyone, that argument no longer works. we can provide enough for everyone, if we want! don't fall for the shit about droughts and wars in africa causing the famines, it's rubbish, what causes famine is the same as it would for you and me....lack of money to buy food.

 

 

while we're on........the best way to help with any energy crisis, isn't green energy, isn't limiting it, isn't finding new sources......it's simply cutting down on out usage, which we can all do very simply every day but that would cut down on the profits of some of the worlds biggest corporations. (think of it this way, the energy companies are now making apparently £115 profit averaged over every customer.....£115 over a year isn't very much I hear you say, well it is when it's multiplied by millions, thats how tesco works aswell, that tin of beans they make hardly any profit on, but multiply it by billions and it adds up.....so the same thing can work with our energy usage, simple things like turning lights off when not needed, you on your own makes no difference but if we all do it, it makes a diffrence)

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There was talk on newsnight last night, of using aferica and its resources to feed the world...but you'll know what will happen, big corporations will get in there and control it how they want.  Regardless of starving people.

 

profit over people every time.

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Agree. Was always going to end in disaster trying to cram so many economies into one single currency. They're trying to spend their way out of this mess and it isn't going to work.

 

Pretty much. A central bank controlling vastly differing economies always seemed crazy to me.

 

Agree with this. It's definitely time to let go of the single currency. My view is that a single banking institution having full control of several economies was never going to be a good idea.

 

I'm glad GB isn't part of the Euro.

 

The BoE has struggled at times to balance pressures in the North and South. To magnify that across the whole of Europe was always going to be a nightmare. Some countries are squeezed- others are outright bust. We won't get anywhere playing this ludicrous pretending game.

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Agree. Was always going to end in disaster trying to cram so many economies into one single currency. They're trying to spend their way out of this mess and it isn't going to work.

 

Pretty much. A central bank controlling vastly differing economies always seemed crazy to me.

 

Agree with this. It's definitely time to let go of the single currency. My view is that a single banking institution having full control of several economies was never going to be a good idea.

 

I'm glad GB isn't part of the Euro.

 

The BoE has struggled at times to balance pressures in the North and South. To magnify that across the whole of Europe was always going to be a nightmare. Some countries are squeezed- others are outright bust. We won't get anywhere playing this ludicrous pretending game.

 

Its not really a struggle or a question of balance in Europe in these Colbertist times for the West. Tying North Europe to the profligate South prevents significant appreciation of the Euro. Its a deliberate ploy, which generates more trade surplus than the converse required to prop up the economies of the periphery. Without supplementary risk, the German currency follows the trajectory of the Swiss Franc (or nightmarishly, the Yen). 

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Agree. Was always going to end in disaster trying to cram so many economies into one single currency. They're trying to spend their way out of this mess and it isn't going to work.

 

Pretty much. A central bank controlling vastly differing economies always seemed crazy to me.

 

Agree with this. It's definitely time to let go of the single currency. My view is that a single banking institution having full control of several economies was never going to be a good idea.

 

I'm glad GB isn't part of the Euro.

 

The BoE has struggled at times to balance pressures in the North and South. To magnify that across the whole of Europe was always going to be a nightmare. Some countries are squeezed- others are outright bust. We won't get anywhere playing this ludicrous pretending game.

 

Agreed. Whilst the BoE have struggled at times, I'm of the view that having control of our own monetary policy is a better proposition than having it dictated by the ECB.

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They wanted to get as many in as soon as poss to equate labour laws and the price of labour. In the beginning the germans were in charge of the ECB and lashed out plenty of cash to anyone and everyone on the back of which their exports soared. Just mayhem from the start really.

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They wanted to get as many in as soon as poss to equate labour laws and the price of labour. In the beginning the germans were in charge of the ECB and lashed out plenty of cash to anyone and everyone on the back of which their exports soared. Just mayhem from the start really.

except labour laws and the price of labour weren't equated.
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I read some crazy stat few weeks ago that nowadays not a single Euro-country can meet the rules from 90's to be eligible to join Euro. The rules were made when they first started to think about Euro. Finland, Luxembourg and Germany IIRC are the closest to meet them, but not even them met all the rules. Just tells the story that new countries were wanted to join the Euro too fast without really thinking about it.

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