Who is prepared to admit they were wrong about the Euro?

[sasguru]

the pattern will be the same

give it a few years you'll be singing the same song

because by that time you will read it in the news papers

Milan.

I've noticed a pattern with people of limited intellect.
They think the first thought that comes into brains must be correct
They see conspiracies everywhere.
They think they're thinking for themselves but they don't have the analytical skills for it.

HTH

[scooterscot]

I have a feeling Euroland will sort out it´s problems before the UK and the US will. I don´t see any real cuts at all in the UK or the US, yet.

Don´t believe the cr"p about if you devalue and spend even more money you´ll come through. Britain devalued several times and still ended up deep in the sh"te; that´s because there is no alternative to "pain". What was it Norman Lamont said? "if it´s not hurting its not working". Well Greece hurts.....

WBBS - spot on.

[DodgyAgent]

Why are you still employing him then?

He can get cheap hair Gel

[sasguru]

Labour mobility: The road not taken | The Economist

That article agrees that America traditionally has a dynamic, flexible, mobile labour force but argues that the housing bust and medical care has slowed this down.
Fair enough. What's your point in realtion to the single currency and how it works?

[scooterscot]

IThe UK can manage its fiscal policies to suit itself whereas the Euro cannot manage fiscal policies to suit all its member states.

Every since the UK has managed it's fiscal policies the euro has grown in strength. Even with the threat of default today it trades 1.146 to the £.

After the darkness has passed the UK with be left with some of the most expensive goods and services in world. How is that going to help recovery if no one spends its £'s? Doomed.

[sasguru]

WBBS - spot on.

Lets see what happens when Greece defaults.
Germany will have to introduce a Euro-tax just like they did when they took over East Germany.

[sasguru]

Every since the UK has managed it's fiscal policies the euro has grown in strength. Even with the threat of default today it trades 1.146 to the £.

After the darkness has passed the UK with be left with some of the most expensive goods and services in world. How is that going to help recovery if no one spends its £'s? Doomed.

If the Euro is strong how will the UK have the most expensive goods and services in the world?

[AtW]

Lets see what happens when Greece defaults.

Debts would be wiped out, banks will take the hit and get probably another bailout from taxpayers, the party must go on.

HTH

[lukemg]

If you even look at the UK, you can see some of what happens in action and it's the transfer of capital around the place too. So, reality is that southerners are in effect supporting the northern monkeys, Wales etc
In Euroland, ya squareheads are less than keen on doing this, when the solution is for them to effectively pay money to the poorer areas (as they did with the East), they can't stomach that.
In addition no-one has the currency they need at the moment, krauts need a stronger euro and the greeks need a much weaker one. Hence need for parlimentary union to manage the capital transfer - never going to happen.
Looks doomed to me but since any exit will cost everyone, I expect an acceptance of some payments to limit impact to occur reducing overall impact. It is going to hurt and end in tears though.

[sasguru]

Debts would be wiped out, banks will take the hit and get probably another bailout from taxpayers, the party must go on.

HTH

That's exactly it, they can't be bailed out anymore. Even Germany's government debt is too high.