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  • Single European Currency: Single European Disaster

    Although the feckless spending of successive Labour Governments has resulted in massive decline for Britain, there is one thing that Gordon Brown got right on the economics front: he denied Tony Blair’s plans to take Britain into the single European currency.

    Launched in 1999, the Euro has been the bedrock of European elites’ dream for a United States of Europe. And there’s the rub: founding a major economic program on the basis of a supranational political dream meant there was surely trouble ahead. Nowhere is this more visible than in Greece today (and in Portugal and Spain), where their governments’ desperately need national monetary and fiscal controls to restore some semblance of confidence in their economy. Instead, Greece is forced to endure the same interest rate as Germany, Cyprus, Finland, France, and Slovenia among others; unable to devalue their currency or enact measures that will restore economic competitiveness.

    EU leaders argue that the United States of America has a wildly successful single currency and Europe needs the same. However, the reason why a single currency works for America is precisely the reason why it won’t work for Europe – because America’s success is borne from its primary inherent strength: America is a single nation with one government, one language and despite political wrangling, one citizenry prepared to accept governance at each other’s hands. Europe is not – and never will be – a single country. It is surely only a matter of time before the single currency comes up against this reality with truly disastrous results.

    Posted in Economics [slideshow_deploy]

    2 Responses to Single European Currency: Single European Disaster

    1. John B. San Diego says:

      Ms. McNamara let the so-called PIGS of E.U. recognize one thing that is very apparent; they as individual countries gave up many benefits of sovereignty to become part of E.U.

      What is very striking to me is the one part of sovereignty they retain is their "Sovereign Debt."

      Is it possible that the promise of "One World Governance", description and evidence are one way deals for those that might choose to become involved?

      Is the E.U. model/edifice the "Perfect Storm of Taxation without Representation?

    2. Pingback: A Greek Tragedy in the Making | The Foundry: Conservative Policy News.

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