EURO to crash...? Europe's Choice: Dismantle The Euro, Or Cede All National Sovereignty To Brussels

Van Rompuy said it's a nice occasion to take economic sovereignty from all countries. So the euro won't break up : It will expand.

So, who's going to collapse eh ?

USA

Calif.: 49.3% budget gap, $1.92 trillion GDP, 37 million pop

Ill.: 47.3% budget gap, $610 billion GDP, 12.8 million pop

Ariz.: 41.1% budget gap, $206 billion GDP, 6 million pop

NJ: 30% budget gap, $416 billion GDP, 8.7 million pop

*
Europe

Portugal: 10.1% budget gap, 233 billion GDP, 10.7 million pop

Greece: 11.9% budget gap, 335 billion GDP, 11.0 million pop

Ireland: 11.6% budget gap, $217 billion, 4.2 million pop

Italy: 5.4% budget gap, $1.9 trillion, 60 million pop

Spain: 11.4% budget gap, $1.4 trillion, 47 million pop

Ahh, i dont think much will come of it. Itll probably be worth less than other currency, but thats just basic common sense.
If anything though, if the brown stuff hits the fan, i wonder what the property prices will be like in the later months?
If your an oppertunist, your time to own a home on the coast off the Aegean Sea, may be imminant...

Solutions is what matters right now. If I were Mr rumpy pumpy I'd be heading back to the drawing board - The Maastricht Treaty itself to see if any provision whatsoever has been made ....after a quick skim I believe they have their ammunition :

eur-lex.europa.eu...


bear with me...scroll to declaration on nationality of a member state and then scroll even further to declaration on monetary cooperation with non-community countries.

Although non- community countries is the header the paragraph after is all encompassing , most tellingly with the sentence ' contribute to stable international monetary relations '

I'm no lawyer, but this would seem to indicate the onus being on others in the euro needing to help in some form for 'stable international monetary relations'.

thoughts? could this be what clinches it ? as in the stronger members 'having' to bail out the weaker ?

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Just found this in tomorrows papers . not a red top rag either !

www.independent.co.uk..../news/goldman-sachs-the-greek-connection-1899527.html

Goldmans ! Why are we not surprised ? but at some point accountability please a la Guy fawkes or something - this is becoming beyond a joke or is the U.K. media trying to find a scapegoat ?

Update

UPDATE 1-EU exec: no euro zone aid plan for Greece

BRUSSELS, Feb 22 (Reuters) - The European Union executive denied on Monday a German magazine report that the euro zone could provide aid to Greece of 20-25 billion euros ($27-$33.7 billion), saying no such plan existed.

"I have no comment on such a plan that does not exist and is denied even by the alleged source of it," European Commission spokesman Amadeu Altafaj told a news briefing.

German weekly Der Spiegel said on Saturday that the German finance ministry had sketched out a plan in which countries using the euro currency would provide aid worth between 20 billion and 25 billion euros for Greece.

The magazine said the share of financial aid would be calculated according to the proportion of capital each country holds in the European Central Bank and that the assistance should take the form of loans and guarantees.

reply to post by SLAYER69


The Daily Mail sensationalizes every European problem.. it really really does.

There are only a small number of choices.. and the EU is not going anywhere with the flurry of integration since the Lisbon treaty kick off in December... And because of Lisbon, the EU can change the treaties at will with a majority vote in the EU parliament and Member state parliaments..

With anything, this will give the EU even MORE power.

The EURO may separate or create a two tier currency but that's not the destruction of the currency, its actually a better system than the current one for the less developed countries.

reply to post by Dermo


I know I'm just throwing it out there.

Here's another one.

Forex - EUR/USD falls after EU denies Greece bailout report

Forex Pros - The euro fell to fresh daily lows against the U.S. dollar, the yen and the pound on Monday, after the European Union denied a report that euro zone nations could provide Greece with an EUR 20-25 billion bailout.

EUR/USD fell to 1.3574 during European afternoon trade, a fresh daily low; It subsequently bounced back to 1.3593, still shedding 0.13%. The pair was likely to find support at 1.3445, Friday's low and a 9-month low, and resistance at 1.3839, the high of Feb. 9.

Meanwhile, EUR/JPY tumbled 0.49% to hit 123.97 and EUR/GBP dropped 0.32% to reach 0.8770.

Earlier in the day, European Commission spokesman Amadeu Altafaj told a news briefing that, "I have no comment on such a plan that does not exist and is denied even by the alleged source of it."

On Saturday, the German weekly Der Spiegel said Germany's finance ministry had drawn up a plan for euro zone nations to provide debt-laden Greece with aid the multi-billion euro aid package.

Fears over Greece's gaping budget deficit have hurt the euro in recent weeks.

reply to post by SLAYER69


Yea, but what you aren't hearing is the behind the scenes sigh of relief at the devaluation of the EURO in order to stimulate exports.. I'm not surprised the EU are keeping their plan under wraps in order to manipulate the market somewhat and force the Greek government into action.

The EU Commission and ECB aren't stupid.. And ESPECIALLY not the German Franco alliance who definitely see this as an opportunity for regulation of other EU states financial obligations to the same standard at least as they keep their own.

The EU knows exactly how to play these cards to their advantage and with the new powers they have after the Lisbon treaty, all they need to do is sell it to the elected parliaments for clearance.

Sorry is this has been posted before (but I'm too lazy to read the entire thread now):

A breakup of the euro is very nearly unthinkable, as a sheer matter of practicality. As Berkeley’s Barry Eichengreen puts it, an attempt to reintroduce a national currency would trigger “the mother of all financial crises.” So the only way out is forward: to make the euro work, Europe needs to move much further toward political union, so that European nations start to function more like American states.

www.nytimes.com...

So there you have it, folks. Propaganda that the idiot masses will swallow hook, line and sinker.

Article: "Complete Crisis Coordination"
Source: www.financialsense.com...
by Jim Willie, CB. Editor, Hat Trick Letter | February 17, 2010

[...]The PIIGS nations are Portugal, Ireland, Italy, Greece, and Spain.
The chart shows the latest annual fiscal deficit as a percentage of GDP
on the vertical scale, and the total debt as a percentage of GDP on the
horizontal scale. The PIIGS nations are all in the risk-filled upper right quadrant.
Notice the often criticized socialist nations of Scandinavia in the lower left
strong quadrant, nowhere near as innovative as Wall Street and London.
The healthiest nation on display is tiny Luxembourg, alone to the lower left.
The United States is Greece, but with monuments of betrayed forefathers like
Washington, Jefferson, Madison, Adams, and Lincoln, buttressed by vast money trees
and shrill press trumpets. [...]

P= 8% & 78%
I=12% & 63%
I= 6% & 118%
G=12% & 116%
S=12% & 55%

Lux=3% & 18%
Den=2% & 38%
Swe=2% & 40%
Swi=3% & 41%

see graph on the linked page article, thanks

...When the New Core Euro is clear, watch the US$ DX long-term decline resume,
and do so powerfully. The globe will face the worst monetary crisis in history,
with epicenter the USDollar. The sovereign debt defaults will come full circle,
the start being September 2008, the conclusion an attack on the USTreasury Bond.
The USGovt debt is unsustainable, growing worse, and will eventually break.
Pure financial physics. Gravity will sink the US Ship of State and its imprisoned
economic flotilla. The global reserve currency in the USDollar stands as the biggest
travesty in the history of global finance.
[...]


The seven most crippled US states compare worse to some European nations,
but with 35% of its national population involved. Given the PIIGS nations are small,
the Untied States is hampered by a much larger looming state problem than what unfolds
in Europe.
The states in the crisis list are California, Florida, Illinois, Ohio, Michigan, North Carolina, and New Jersey.
Each basket case state has a population above 8 million people. ...
Each state currently registers broad unemployment over 15%.
Each state is a large net importer of energy sources



[...]

source; Copyright © 2010 Jim Willie, CB
Jim Willie CB is a statistical analyst in marketing research and retail forecasting.
He holds a Ph.D. in Statistics. His career has stretched over 25 years.
He aspires to thrive in the financial editor world, unencumbered by the limitations
of economic credentials. Jim Willie CB is the editor of the “HAT TRICK LETTER”

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


P.S.

I'm taking Jim Willies' advise, keeping in the back of my mind, that the northern EU with their strond economic nations will spin-off the southern EU poorer nations and create
a new CORE Euro €, and from then on, the USD$ is kaput !


thanks,




[edit on 22-2-2010 by St Udio]