The Euro has already failed ....

[DodgyAgent]

It's helped them gain a lot of foreign direct investment. A lot of businesses from outside the EU invest, and continue to invest, in Spain, Portugal and other "peripheral" EU countries. Around 40% of Chinese direct investment in the EU is made in the PIIGS countries for example.

stop being logical

[sasguru]

Insult aside,


Is this the basis for your whole argument? Weaker, corrupt, small economies shall bring down the single currency?

Prey do tell us you have something more than this. Please tell us your 'The Euro has already failed' is based on more than the hope those economies balancing on the precipice of solvency against some of the most influential and powerful economies of the world, shall pull a hat trick and torpedo their efforts.

Jeez Louise the Londonog armchair financier.

You may start by explaining why deprecating sterling, high UK inflation (which we can do nothing about) and decreasing living standards is a better approach.

You're missing the point as usual. And that is that the PIIGS have lost control over their own destiny.
The UK may well be making mistakes (although depreciation and inflation are classic ways of eroding debt) but we can set interest rates and fiscal policy to suit us.
The PIIGS are stuck with a currency that is run for the exclusive benefit of France and Germany.
HTH but IDI.

[sasguru]

It's helped them gain a lot of foreign direct investment. A lot of businesses from outside the EU invest, and continue to invest, in Spain, Portugal and other "peripheral" EU countries. Around 40% of Chinese direct investment in the EU is made in the PIIGS countries for example.

Britain is outside the Euro and gets loads of foreign direct investment so it's not at all clear that the currency is the cause of this, rather than having a realtively open business environment.

[DodgyAgent]

Not resorting, reporting fact.

The pound is shrinking as is the country with threat of union breakup, through no fault other than our own.

This is not an argument for the euro this is self destruction of a country that thinks colonially rule is fit for the modern world. The euro is wonderful because it offer change from that thinking, which is most refreshing.

You possess not a single argument that supports any sort of point. You use meaninglessly emotive cliches to support what is no more than a redneck/tribal prejudice.

If Sterling is F**ked as you say it is then that is our choice as a nation to do whatever we have done to make it so. In other words our choice. If by voting in a socialist government and in so doing chosen to waste money through taxation and public services then that is our choice. We have it within our power and control to make changes through the exchange rate mechanism and interest rates to adjust our economy as we think fit.

The problem with the piigs is that they have borrowed cheaply and spent carelessly without the checks and balances that are automatically imposed by having their own currencies. Now that these countries desperately need to have lower production costs (devalued currency) and a brake on borrowing (high interest rates) they are stuffed.

The Germans (acting purely out of self interest as all countries do) thought that by imposing the Euro on countries like Greece, Spain and Portugal that they would no longer be competitive in terms of costs of production of goods and services. With low interest rates and cheap money the Germans would lend the Piigs vast amounts of money with which they could then buy more German goods (further helped by being in the Euro)

So now these countries are indebted to the banks with no way out other than to sell off state assets, slash public spending and by raising taxation.

pr**ks like like you seem to think that it is somehow "hip", "modern" and "cool" to endorse
this "new2 idea of the Euro. If you look at the people who pushed the Euro through you will see a bunch of self serving controlling socialists like Mitterand.

Even the people of influence in politics and the media who wholeheartedly supported the Euro have shut up about it as it is unravelling. This leaves tribal fools like you to carry the flag armed with nothing more than a bag of cliches .

[sasguru]

Insult aside,


Is this the basis for your whole argument? Weaker, corrupt, small economies shall bring down the single currency?

Prey do tell us you have something more than this. Please tell us your 'The Euro has already failed' is based on more than the hope those economies balancing on the precipice of solvency against some of the most influential and powerful economies of the world, shall pull a hat trick and torpedo their efforts.

.

Oh and another thing, the PIIGS ( the ..."Weaker, corrupt, small economies " as you describe them) comprise some 40% of the population of the Euro area.
Can a currency which now leaves 40% of its population disenfranchised be really said to have succeeded?

[scooterscot]

You possess not a single argument that supports any sort of point.

What a waste of time you spent writing all that.

I never said I supported what has happened, or argued in support of the single currency. I'm talking about the consequences. The facts the likely outcomes of those facts. I'm not into polities like you guys, why is that so hard for you to understand?

My post are about facts not speculation, if's and maybes.

[scooterscot]

Oh and another thing, the PIIGS ( the ..."Weaker, corrupt, small economies " as you describe them) comprise some 40% of the population of the Euro area.
Can a currency which now leaves 40% of its population disenfranchised be really said to have succeeded?

Have you been to the north of England?

In fact anywhere outside the M25

[sasguru]

Have you been to the north of England?

In fact anywhere outside the M25

Yes. In fact I've lived up North for a time.
What's your point?

[sasguru]

What a waste of time you spent writing all that.

I never said I supported what has happened, or argued in support of the single currency. I'm talking about the consequences. The facts the likely outcomes of those facts. I'm not into polities like you guys, why is that so hard for you to understand?

My post are about facts not speculation, if's and maybes.

Your rambling posts so far have betrayed not a shred of fact or logic. My argument is economic not political: it was stupid for several countries with widely differing types of economies to shackle themselves into a single currency.
The consequences and facts of that union are now becoming apparent.
Your implication that it is similar to the differences between regions in the UK is disingenous at best and stupid at worst, since the differences between the regions are anothing like the gross differences between Germany and Greece, say, in terms of home ownership rates, types of economy, work ethic, culture etc etc.

HTH, but IDI as I'm beginning to think you are thick.

[scooterscot]

If Sterling is F**ked as you say it is then that is our choice as a nation to do whatever we have done to make it so.

I don't use those words so you'll have little success finding such a post. I've talked down the value of the currency, if decreasing value = broken in your world, then how can you succeed if you don't learn from mistakes?

If by voting in a socialist government and in so doing chosen to waste money through taxation and public services then that is our choice. We have it within our power and control to make changes through the exchange rate mechanism and interest rates to adjust our economy as we think fit.

I don't vote.

Prey do tell me what the point of the power is to control interest rates when we're powerless to use? What kind of message does that send to the investors of the world? I'd for one like to have seen interest rates increase 2 years ago, they have not and will not until my UK assets depreciate.

The problem with the piigs is that they have borrowed cheaply and spent carelessly without the checks and balances that are automatically imposed by having their own currencies. Now that these countries desperately need to have lower production costs (devalued currency) and a brake on borrowing (high interest rates) they are stuffed.

They have assets to sell the UK has sold all hers already. With the support of other euro members there is a real chance they shall brake out of old habits. This terrifies the Londonog establishment.

The Germans (acting purely out of self interest as all countries do) thought that by imposing the Euro on countries like Greece, Spain and Portugal that they would no longer be competitive in terms of costs of production of goods and services. With low interest rates and cheap money the Germans would lend the Piigs vast amounts of money with which they could then buy more German goods (further helped by being in the Euro)

The actions of a bank are not those of a country, I would have thought that was evident by now considering the efforts that the French and the Germans have made to hold the currency together.

Our own banks were just as reckless, what is it you're trying to convince me of here? The lesser of two evils perhaps?

So now these countries are indebted to the banks with no way out other than to sell off state assets, slash public spending and by raising taxation.

Yes they have plenty of assets to sell. Mistakes shall be learned from here, that much is clear.

pr**ks like like you seem to think that it is somehow "hip", "modern" and "cool" to endorse
this "new2 idea of the Euro. If you look at the people who pushed the Euro through you will see a bunch of self serving controlling socialists like Mitterand.

Ah, the final fig leaf of every loosing argument. The insult. Petulance does not become you.

How so is it I wonder that from what you say that differs from how the city operates. Angelic like perhaps, by betting on the demise of impoverished states to weak to defend themselves. How noble.