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should they ditch the euro?

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  • should they ditch the euro?

    another story here suggesting the euro club was only useful when times were good

    and so should probably never have been created

    hard to see it being rolled back now which means another 10 years or so tacked on to euro zone poor performance

    http://www.nzherald.co.nz/business/n...ectid=10643895
    have you defeated them?
    your demons

  • #2
    Bailing out the Euro confirmed - 500 Billion Euros - on the table - should see bounce back in the markets.

    Cheers,

    Donna
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    • #3
      Should they ditch the Euro: If so then the United states should ditch the Dollar..... California is the US equivalent of Greece!


      The fact is in the Euro zone there are so many other dynamics going on that make ditching the Euro a ridiculous option. Greece if it went back to Drachma would find its self faced with hyper inflation. Germany might benifit by going back to the Mark but any benefits would have to be measured against a sudden return of cross border financial transaction costs.
      The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

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      • #4
        another excellent economist article

        The barrier to reform has always been political, not economic. Jean-Claude Juncker, prime minister of Luxembourg, put it best in 2007: “We all know what to do, but we don’t know how to get re-elected once we have done it.”

        The European “solidarity” that protects jobs for life in Spain for the lucky few is hard to defend when it means that young people, who could only ever get work on temporary contracts, have been thrown onto the dole. In France it is irksome to see your taxes paying healthy people to retire at 60 when schools and hospitals need the money more.


        http://www.economist.com/node/16539326
        have you defeated them?
        your demons

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        • #5
          No - just print a few new Billion Euro Notes - pass 'em around.
          See Zimbabwe for more good ideas.
          The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

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          • #6
            as the last germans die off who remember their family being absolutely gutted by german hyper inflation in the 30's

            and what it led to......

            that's probably just what they will do

            though

            currently the news out of greece is good
            have you defeated them?
            your demons

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            • #7
              Originally posted by PC View Post
              No - just print a few new Billion Euro Notes - pass 'em around.
              See Zimbabwe for more good ideas.

              Obviously thats not what they are doing? Instead Europeans are bringing in Austerity measures..... its the US that is relying on Quantitative easing ( printing money to get it out of trouble). I think the German/Austrian Inflationary period is stamped into the German and Austrian Psych permanently. It is not a one generational phenomena. iN the 70s while the rest of the world printed money Germany used Austerity measures..........it was the least effected by the massive inflation of that time.
              Last edited by Austrokiwi; 15-07-2010, 06:58 PM.
              The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

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              • #8
                WILL the European Union make it? The question would have sounded outlandish not long ago. Now even the project’s greatest cheerleaders talk of a continent facing a “Bermuda triangle” of debt, demographic decline and lower growth.

                http://www.economist.com/node/16536898
                have you defeated them?
                your demons

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                • #9
                  Ditching the Euro would be good idea. There have been a lot of rumors here in Germany lately that plans for reintroducing the DM (deutsche Mark) have long been set in place. Even before the Greece debacle. So some sectors in Germany are for this but others are not (mostly the politicians), no matter how worse things will get. Of course, if Germany withdraws from the Euro then the whole house of cards falls down. The only other option I see is the introduction of a global currency.

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                  • #10
                    If we have a global currency does that mean we all get a printer??
                    My colour Canon is pretty good - can't do the clear plastic security bits though.

                    The cost of ink makes me think we should scrap the pretty paper and just swap ink cartridges - some real value there!
                    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

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                    • #11
                      Malta just introduced the Euro 2.5 years ago... My thoughts are completely in Euros now..If the Euro gets scrapped, I want more than a printer. A trip to DisneyLand and I am in.

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                      • #12
                        Originally posted by PC View Post
                        If we have a global currency does that mean we all get a printer??
                        No, because than we could all just be printing the money ourselves. So they're actually going to take all printers away from us as with a new global currency we will also have a global one world fascist government.

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                        • #13
                          In the short-term the euro had been good for Ireland. It cut borrowing costs and encouraged inward investment. But it proved a poisoned chalice, with a very slow-acting poison. To say all this is not to "dis" the euro. It is simply to point out that while membership brought some advantages, losing control over monetary policy had dire consequences.
                          ,..........
                          The third consequence will be contagion. Two down - Greece and Ireland - how many to go? The eurozone will, I am sure, be pulled together for a few more years, but there will be further political ructions against austerity, further tensions in the markets, more crisis meetings in Brussels, more bail-outs. Not good, not good at all.

                          http://www.nzherald.co.nz/economy/ne...ectid=10689469
                          have you defeated them?
                          your demons

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                          • #14
                            ...........
                            Until now, doomsday predictions of a euro zone breakup have come mainly from Anglo-Saxon skeptics, some of whom saw the single currency bloc and its one-size-fits-all monetary policy as fatally flawed from the very start.

                            Over the summer, British economist Christopher Smallwood of consultants Capital Economics produced a 20-page paper entitled "Why the euro-one needs to break up" and US economist Nouriel Roubini, alias Dr. Doom, predicted euro members would be forced to abandon the single currency.
                            But as the second wave of Europe's debt crisis gathers pace, engulfing Ireland and heaping pressure on Portugal and Spain, a new group of doubters is emerging. They believe it may be difficult for the euro zone to hold in its current form, even if many think that remains the most likely scenario.
                            ...............
                            The realisation that markets may not allow the euro zone to muddle along making only minor tweaks to its fiscal rules, as it did in its first decade, appears to be sinking in among European policymakers.


                            http://www.stuff.co.nz/business/worl...-zone-break-up
                            Last edited by eri; 26-11-2010, 12:22 PM.
                            have you defeated them?
                            your demons

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                            • #15
                              1st time i've belgium linked to the PIIGS

                              The euro plunged further into crisis yesterday as investors sold off Spanish, Portuguese and Belgian government bonds in record numbers on renewed fears that those nations would follow Greece and Ireland into the financial emergency ward, undermining confidence in the single currency.
                              The spreading contagion suggests the markets now view the break-up of the euro as a realistic possibility,

                              http://www.nzherald.co.nz/world/news...ectid=10690125

                              Spain, in particular, is regarded as being "too big to save".
                              .........................
                              The looming possibility of Spanish insolvency would dwarf the problems of Greece, Ireland and Portugal combined.

                              to recap

                              iceland - toast, greece - toast, ireland - toast

                              portugal and spain - warming up

                              belgium - attracting attention

                              uk - diverting attention

                              it's not doom to look at this stuff

                              it's doom to ignore it

                              only the richest 1 or 2 countries

                              can afford middle class welfare
                              Last edited by eri; 26-11-2010, 07:22 PM.
                              have you defeated them?
                              your demons

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