Posted Apr 16, 2013 by Martin Armstrong
The ECB has made a study a few days ago claiming that those in Southern Europe are richer than those in Germany to support the view that no more bailouts will take place of banks. The ECB now claims that Cypriots are more wealthy than the Germans. The average assets of a German household is just under 200,000 euros. In Spain, however, it amounts to 300,000 euros. And in Cyprus is of average assets per household even at 670,000 euros. Thus, the ECB has determined that – and the debate in Germany has begun to immediately accelerated with envy in turbo-mode. This is a stunningly biased study to justify letting Southern Europe fend-for-itself. Why keep the Euro? What benefit does this offer any more? The EU with an economic union removing all trade barriers is fine. Why does there need to be an ECB, pretend Euro single currency, and the exportation of austerity that will only lead to the South blaming the North? Remember the American Civil War?
Europe is spinning lie after lie all in a desperate attempt to hold the Euro when the currency is doomed because there is no single national policy or debt. This is a dog chasing its own tail with no end-game in sight. Any exactly why should Southern Europe remain in the Euro? So the North can dictate their sovereignty? Won’t last for long.