Posted Jan 22, 2015 by Martin Armstrong
The eminent collapse of the Euro was pre-determined by the disastrous design from the outset. Instead of accepting responsibility and altering the mistakes that would require political reform, we are in a position where Europe is simply moving into the realm of beyond all hope.
From the outset, they sent the commission to our World Economic Conference in London back in 1997. They took the entire back row of both aisles. I laid out the problems and explained that ONE SIZE DOES NOT FIT ALL. I warned that the only way to create a world currency required the consolidation of member states’ national debts into a new European National Debt. I was told they did not think the voters would accept that and they were going to introduce the currency first and then look at that for Phase II. Of course, Phase II never came.
Now European leaders have figure this out that they now want a weaker euro to bailout the economy. This begins the currency wars that will be fostered in the post-2015.75 era. European politicians are also waking up to the fact that they cannot continue to return to the voters time and time again to package another bailout.
The problem faced around the world is the perpetual tendency to borrow year-after-year with ABSOLUTELY no intention of ever paying off any debt. So why the bailouts? The ECB can buy 100 billion euros per month. It does not matter. Each member state still increases their debt year after year. There is no end to this insane system.
Stop the borrowing and stop the federal taxation. Just print the money to service the operation of the government and stop the BS and perpetual bailouts that will never end anyhow. This is the problem when we have lawyers and academics without any common sense from the street level. They do not grasp HOW the economy functions so how in this world are the qualified to run it? The greater mystery of life, is why do these types of people feel they have the right to even run something they will never understand? I suppose just delusional.