Sunday, 20 May 2012

The euro will be the Germans' downfall..

The Greeks are against austerity but wish to remain in the euro - a logical impossibility. The Germans fail to comprehend that the euro is, and always was, a stillborn currency that will turn the eurozone into a financial wasteland. An economic dynamic is a function of competition - not only between enterprises but also between countries - that can be achieved only if states have national currencies and financial sovereignty that leave them free to set their own interest and exchange rates.

For countries that are already in trouble this is the only path to recovery - there is no alternative. As Dominic Lawson says, the burdens of propping up the euro will have to be borne by Germany, and this - along with the economically paralysing effects of the euro - will ultimately bring that nation to its knees..

Werner Keller in the Sunday Times