When the proposal was initially made for a common European currency, it seemed to this writer to be a good idea, with the flaw that it wouldn't work. Although inexpert in economics (being a product of the age of arithmetic), it struck me as an effect of a false analogy with
Thanks to the imaginative former French President,
When the time to create the currency itself finally arrived, the chauvinists of other
The complaint that I (among others) made from the beginning was that European countries were not American states. They were sovereign political entities. Each had its own characteristic economy, resources, products, markets -- and its own national deficits and surpluses. Vitally important was the fact that each had its own currency, and these currencies were not interchangeable, and moreover, were not constant in value. You had to take them to a bank or exchange counter and buy their current equivalence in another currency.
But EU enthusiasts said Californians did not have to change their dollars when they drove to
The only reply to this that the American's European interlocutors could make was that
The practice in recent times was that chiefly of the Germans. The
During those same recent times,
It has produced deep unemployment and repression in
The German public, only now being touched by the crisis, and having controlled the
A new "Alternative for
This is exactly what the financier
What will happen? The states suffering unemployment and credit crises will do what they have always done in the past: devalue their currencies and stimulate their economies. Keynesianism will find its vindication.
- Snowden Leaks Reveal American Trojan Horse in Europe
- European Outrage over Snowden Affair is Laughable
- Can the European Union be Saved?
- More Union in the European Union Doubtful
- Britain Needs to Think Bigger
- Russia: The Kremlin is Not Just a One-Man Band
- Deny Terrorists Their Power
- Scotland: Chasing the Nordic Option after Independence
- Two British Prime Ministers
- Can Culture Heal the Wounds of the Troubles?
- Iceland: Projection of Journalists' Wishes
- A Right and Proper Death of the Euro
- The Acute Jihadist Threat in Europe
- European Union: Caught in the Fertility Trap
- Explaining the Cyprus Shakedown
- How The Baby Boomers Have Betrayed Their Children
- Despite Warning on Violence, Greece won't Ban Golden Dawn
- Greece Expects Record Number of Tourists this Year
- China and Investors Bet on Greece
- Have Greek Markets Turned a Corner?
- France: A Socialist Lawmaker's Fiscal Double Life
- Russia: From Red to Grey
- Russian Gas, European Integration and the Fate of Ukraine
- Poland Still Coping with Dark Past
- Margaret Thatcher: Not a 'Quota Woman'
- Margaret Thatcher: The Lady was a Champ
- Margaret Thatcher: What the 'Iron Lady' Forged
- Nanny-State Freeloaders Celebrate Thatcher's Death
- A European Bailout Unlike Any Other
- Europe's Disturbing Precedent in the Cyprus Bailout
- Balkans: New Extremism Poses Threat
- Greece: Dangers of the Disaffected and Unemployed
- Economists, Greeks Wary of 'No More Austerity'
- The Two Europes
- Eurozone Jobless Rate Hits Record 12 Percent
- Europe, Unemployment and Instability
- Swiss Curb Executive Greed, Will Anyone Follow?
- Czechoslovakia: Revisiting the Velvet Divorce
- Italy's Election: Lighting the Lamp
(c) 2013 Tribune Media Services, Inc., "A Right and Proper Death of the Euro"