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Greece and the pathetic pan-European currency (as upto January 2012)

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Zainab_M
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« on: January 14, 2012, 12:56:52 pm »

Top Documentary Film describes the current recession and the worst financial crisis in history as "The party's over: How the West went bust."  But even this might be an understatement if one only knew the widespread sufferings of the common Europeans.  Formerly, the poorest country in Europe was considered luxurious compared to any other part of the world.  Greece was known as the "poorest" in the European continent yet it would be flocked with tourists every year who would marvel that if such a 'superb' resort was the poorest in Europe, how much have the 2nd and 3rd worlds regressed?  But times change.  The "poorest" is now really the poorest, not just in Europe but probably one of the poorest in the world.   The middle-class in Greece have reached a point where they cannot even afford to take care of their minor children who are being dumped by their parents in cheap orphanages or simply abandoned on the streets .. a move that sounds much too harsh even towards an unwanted animal.  But that's what the financial crisis has done to Europe and Greece in particular.  You might like to check the story at Mail Online.

A lot of folks are blaming inflation in food prices for Greece's unending economic crises.  But that's only picking the symptom, not the cause of an illness.

Inflation in Greece is presently quite steady at around 5% .. which isn't too high for such times. That's because unemployment is 19% and that's a lot!  With that many people without jobs, the low consumer spending is keeping the overall inflation on the lower side despite low borrowing costs.

But I think it's pretty clear that the Euro experiment has failed. It's being talked about in all financial circles as the "betrayal of the European people."  Indeed it is.  A common currency in Europe puts great pressure on all European governments to salvage it in times of crisis such as the present recession. It compels the European governments to get bogged down into rescuing each other for the sake of that common currency and in the process their people stay neglected coping with austerity cuts, one after another. If these European countries had their own separate currencies (as they did earlier for decades), the responsibility of each European government would be lightened and subsequently it would be better focused on its people. Almost all financial analysts are saying that the collapse of the Euro is now inevitable. It's only a matter of time. Whenever that happens, it will be another jolt to the world financial market. Wouldn't it be far wiser to return to the old system now rather than wait for the Euro to collapse and send another shock wave across the world?

Accession to the EC has definitely resulted in a spike in food prices in Greece (about 3.3%).  It's not much different in other European countries.  But in hard times like these consumption has plummeted too as people tend to consume smaller portions to save on money. So that automatically brings about some bit of balance concerning supply & demand. However, the situation is frightfully bad primarily due to an unsuitable and failed system - the Euro.

The issue of 'supply & demand' following high inflation is a common one in most economic breakdowns.  However, to repeat it again, it's always the symptom of the disease, never the cause.  The core issues generally include corruption, bad system, bad administration or ostracization of poor countries by the richer ones.  What is presently happening in Europe is because of the bad idea of introducing the Euro coupled with the corruption of the cheaters at Wall Street that has brought the entire Western economy down on its knees.  Greece already being the poorest of the lot is suffering the most.  No surprise. 

It's only because of the fragile egos of the EU leaders that they are still refusing to dump the Euro and returning to the previous system.  With the sort of financial system that exists in Europe, a common pan-European currency is simply not feasible there.  Unfortunately these arrogant leaders are unable to perceive the importance of finishing the Euro before the Euro finishes their people.

Not to mention, the EU and US gave a green light to NATO to bomb Libya for a reason that was closely linked to the moribund Euro and the US dollar.  Gaddafi had since long been planning to introduce a common pan-African currency of real gold.  That wouldn't only be highly beneficial for Africa, but it would also crush the Euro still further.  However, evil schemes of evil schemers never prosper.  Despite destroying all chances of a pan-African currency, the Euro hasn't been able to rise at all.  It's only been falling lower and lower.   Let's wait and watch what happens beyond January 2012. 
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Heba E. Husseyn
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« Reply #1 on: February 07, 2012, 02:40:11 am »

Well written sis.  Greece is just one of several out there.  The situation of the entire continent is precarious.   And now wait and see when the Iranian Majlis approves the embargo on oil exports to Europe.  Immersed in its ego and pride, it won't correct its mistake for supporting the sanction.  Driven by frustration, it will preemptively hit Iran.   Fucking fuckers!
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