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The entire European Project is now at risk of disintegration, with strategic and economic consequences that are very hard to predict.
In a speech this morning, EU President Herman Van Rompuy (poet, and writer of Japanese and Latin verse) warned that if Europe’s leaders mishandle the current crisis and allow the eurozone to break up, they will destroy the European Union itself.
“We’re in a survival crisis. We all have to work together in order to survive with the euro zone, because if we don’t survive with the euro zone we will not survive with the European Union,” he said.
Well, well. This theme is all too familiar to readers of The Daily Telegraph, but it comes as something of a shock to hear such a confession after all these years from Europe’s president.
He is admitting that the gamble of launching a premature and dysfunctional currency without a central treasury, or debt union, or economic government, to back it up – and before the economies, legal systems, wage bargaining practices, productivity growth, and interest rate sensitivity, of North and South Europe had come anywhere near sustainable convergence – may now backfire horribly.
This is the behaviour of a proto-Fascist organization, so if Ireland now – by historic irony, and in condign retribution – sets off the chain-reaction that destroys the eurozone and the European Union, it will be hard to resist the temptation of opening a bottle of Connemara whisky and enjoying the moment. But resist one must. The cataclysm will not be pretty.
Originally posted by Danbones
Bob Chapmman ( the international forecaster ) who has been right 95 percent of the time...was just saying on Erskine overnight that because they have a common interest rate it is IMPOSSIBLE for the EU common currency to survive....bound to fail from the start.
All the major central bankes are using QE not just the US and creating inflation
Al Martin RAW says
Bernanki at the eu central bank convention on friday said:
I summerize: "There is growing deflationary pressure around the planet and no real financial tools to fight deflation...except QE."
every one is in a currency war race to the bottom, ....
edit on 21-11-2010 by Danbones because: (no reason given)edit on 21-11-2010 by Danbones because: (no reason given)edit on 21-11-2010 by Danbones because: I'm going to finish my first cofee now....
Gold in New York rose the most in a week as Europe’s escalating debt woes boosted demand for the precious metal as a haven asset.
The dollar climbed today to a 10-week high against the euro. Investor concern has shifted to burgeoning debt in Spain and Portugal after European governments bailed out Ireland and Greece. Gold has risen 26 percent this year, touching a record $1,424.30 an ounce on Nov. 9.
Originally posted by thewholepicture
So which will crash first, the dollar, or the euro?
Either way one will lead to the other, which will help usher in a one world currency.