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May 21, 2010

I Come Here Not To Praise The Euro, But To Bury It

Or so says Jeff Randall at the Telegraph, anyway.

Pull quote:

What was once deemed unthinkable is now, I believe, inevitable: withdrawal from the eurozone of one or more of its member countries. At the bottom end, Greece and Portugal are favourites to be forced out through weakness. At the top end, proposals are already being floated in the Frankfurt press for a new "hard currency" zone, led by Germany, Austria and the Benelux countries. Either way, rich and poor are heading in opposite directions.

I always suspected that Germany's move to ban short-selling in their own country was simply the opening move in a larger effort to funamentally change the European Monetary Union (EMU). Either by shrinking it to a fiscally sustainable "core" of Northern European countries, or simply by leaving the Euro entirely and instituting their own currency once again.


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posted by Monty at 08:35 AM

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