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Will the Euro Zone break up?
With deepening concern about the Euro and banks fine tuning their bank applications , does it means euro zone break up is imminent? What changes do you anticipate?
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2 Answers
I think Microsoft will buy them. Seriously, there are 2 diametrically opposing alternatives wish could happen:
1. The European Union members will yield sovereignty to a central banking authority because the individual governments already gave up the one mechanism needed to eradicate or obviate the problem – individual currencies. OR
2. Individual members who have not yet defaulted will resurrect their old currencies and allow weaker nations to join them from a fiscal standpoint. This is really a break-up of the EU.
As an armchair observer and people watcher my bet is governments will yield their sovereignty in a New York minute which is good for centralized banking and consolidation of power. Those elected officials in each of the countries will make out okay – the middle and lower class people will get shafted. Once this power is yielded, then the central bank would inherently have control over the budgets of the individual nations. So anyone making over $100K per year could have their taxes doubled to clear out the debt created by their elected officials. Medical service could, through fiscal controls, be eliminated for those over 75. National defense budgets could be curtailed to cut debt in favor of a European Union military and the U.S. military could be asked to leave European nations along with a thank you card for building their bases for them!
First, the question: yes the Eurozone will break up.
Second, perhaps more important: if the goal was a unified political and economic union of european countries, there has never been a Eurozone. The idea of a unified economic zone without a unified economic philosophy and operation was a non-starter when it was put forward. What we ended up with is a free trade and travel zone (laudable in themselves)and a political artifice in Brussels that had no power to create a rational and consistent zone. The behavior of countries like Greece, Italy, Portugal, etc. underscores that saying you have a union and having a union are two different things. Hopefully, the eurocrats will come to their senses and allow the world to get past the fantasy of a Eurozone.
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