Euro

The euro was intended to be the single currency of Europe. This made sense to various politicians. Objectors were sensible, right, to the point and spot on generally. This was not about finance so much as politics, about creating a New World Order with Democracy safely destroyed. Countries joining had to meet various criteria. France did it the old fashioned way, by fraud; ditto for various Latin countries. As I write, in March 2013 chickens are coming home to roost. The Financial Crisis 2008, which began in America is spreading its pain around. The Germans did not want to be dragged into this but they were pushed by politicians. Now they know they are being robbed to pay for fraud committed largely by aforesaid Latin countries.

Little Cyprus is broke. The banks are shut while they steal money from people's accounts. But the local Parliament has refused to go along with it. There has been major outrage. See e.g. European Financiers Foul Up Big Time As Cyprus Works On Plan B So they are doing a rethink. Various politicians in Europe have realized that blatant robbery will cause bank runs as depositors take their money out. It might just as well be under the mattress when interest rates are that low. It might be the end of the euro as well.

The euro kicked off way back in December 2001. Mark Steyn was just one of the people who told us it was a terrible idea. He was right - see The Potemkin Treasury.


The exchange rate today 22 March 2013 is 1 euro = US$1.2973250175 so there has not been a run, not yet.

Euro ex Wiki
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The euro (sign: ; code: EUR) is the currency used by the Institutions of the European Union and is the official currency of the eurozone, which consists of 17 of the 27 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.[2][3] The currency is also used in a further five European countries and consequently used daily by some 332 million Europeans.[4] Additionally, more than 175 million people worldwide—including 150 million people in Africa—use currencies pegged to the euro.

The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar.[5][6] As of September 2012, with more than €915 billion in circulation, the euro has the highest combined value of banknotes and coins in circulation in the world, having surpassed the US dollar.[note 14] Based on International Monetary Fund estimates of 2008 GDP and purchasing power parity among the various currencies, the eurozone is the second largest economy in the world.[7]

The name euro was officially adopted on 16 December 1995.[8] The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Euro coins and banknotes entered circulation on 1 January 2002.[9] While the euro dropped subsequently to US$0.8252 within two years (26 October 2000), it has traded above the US dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008.[10] Since late 2009, the euro has been immersed in the European sovereign-debt crisis which has led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising the currency. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spain's troubled banking sector.[11]
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The Wiki is telling the truth more or less.

 


Southern Europe Is On A Precipice  [ 02 Nov 2013 ]
Says , a first rate journo. The euro is a bad idea. It always was. Now people are suffering big time as a result.

 

Euro Currency Will Collapse Say Its Inventor [ 17 October 2016 ]
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The European Central Bank is becoming dangerously over-extended and the whole euro project is unworkable in its current form, the founding architect of the monetary union has warned. Prof Issing said the euro has been betrayed by politics, lamenting that the experiment went wrong from the beginning and has since has degenerated into a fiscal free-for-all that once again masks the festering pathologies.

“Realistically, it will be a case of muddling through, struggling from one crisis to the next. It is difficult to forecast how long this will continue for, but it cannot go on endlessly," he told the journal Central Banking in a remarkable deconstruction of the project. Prof Issing the lambasted the European Commission.
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Politicians with agendas experiment on us and walk away rich. We were told loudly, incessantly that without the Euro we were doomed. They were fools, rogues and ignoramuses.