Twenty Years of the Euro.

Mindful

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Sep 5, 2014
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Quote:
The euro is the most dysfunctional currency ever created

First, the deepest depression ever recorded…

…According to numbers from the IMF published in 2018, Greece witnessed a bigger fall in output than the United States in the Great Depression of the 1930s, and it has lasted for longer as well.

Second, it has created the world’s first post-growth economy…

…Why? Because Italy has become the first major developed economy to go post-growth, with an economy that is no larger now than it was when it replaced the lira with the euro two decades ago.

Next, the world’s greatest imbalances…

…Every year, more than £236bn ($300bn) has to be recycled through the banking system to keep the euro ticking over, creating a vast mountain of debts and credits in the process. It is the major fracture in the global financial system.

Finally, shattered banks. You might think the euro-zone’s strongest economy would have strong banks. Think again. Shares in Germany’s Deutsche Bank have fallen by 90 per cent in the last decade, and just before Christmas it had to deny it would need a bail-out (which is the banking equivalent of having ‘complete faith in the manager’ of a football team). Meanwhile, the Italian banks limp from crisis to crisis and so do the Greek ones as a half-built currency destroys the profitability of an industry that should be one of the foundations of a prosperous economy.


https://blogs.spectator.co.uk/2019/01/t ... r-created/
 
I don't think the euro will ultimately survive as is, but it certainly isn't the most dysfunctional currency ever, given that almost all currencies that have ever existed no longer do so.
 
Italy is in serious financial trouble again which is the fourth time in a decade


ITALEXIT? Italy to CRASH OUT of Euro and 'rock EU to its foundations' claims economist.

ITALEXIT? Italy to CRASH OUT of Euro and 'rock EU to its foundations' claims economist

It seems Italy and Poland are forming an alliance to oppose the EU. France is on fire. Britain is leaving. Germany is slowly re-Nazifying. All the nations of the EU have serious invasion problems.

Italy and Poland discuss UNITING to lead a 'European spring' to replace the 'French-German axis' | Daily Mail Online
 
Quote:
The euro is the most dysfunctional currency ever created

First, the deepest depression ever recorded…

…According to numbers from the IMF published in 2018, Greece witnessed a bigger fall in output than the United States in the Great Depression of the 1930s, and it has lasted for longer as well.

Second, it has created the world’s first post-growth economy…

…Why? Because Italy has become the first major developed economy to go post-growth, with an economy that is no larger now than it was when it replaced the lira with the euro two decades ago.

Next, the world’s greatest imbalances…

…Every year, more than £236bn ($300bn) has to be recycled through the banking system to keep the euro ticking over, creating a vast mountain of debts and credits in the process. It is the major fracture in the global financial system.

Finally, shattered banks. You might think the euro-zone’s strongest economy would have strong banks. Think again. Shares in Germany’s Deutsche Bank have fallen by 90 per cent in the last decade, and just before Christmas it had to deny it would need a bail-out (which is the banking equivalent of having ‘complete faith in the manager’ of a football team). Meanwhile, the Italian banks limp from crisis to crisis and so do the Greek ones as a half-built currency destroys the profitability of an industry that should be one of the foundations of a prosperous economy.


https://blogs.spectator.co.uk/2019/01/t ... r-created/
Anyone remember Obama giving the European Union billions of dollars so they could prop up the Euro and keep it somewhat competitive to the dollar? Obama was such a 1/2 white fagot who didnt know shit about economies..

Obama to bail out Europe?
Three years after the Fed first helped out the big banks, only today was it revealed that nearly $8 trillion went to the “too big to fail” institutions to prevent just that — a massive failure. With a failure overseas impacting the worldwide economy, Obama’s comments today could imply that American funds will go to preventing a collapse of the dozen-plus countries tied to the Euro.
 
Here almost zero politicians talk about Italexit. A few years ago some politicians say "euro is bad for Italy we must go back to the lira (some of them now are ministers...)" but now it seems that all parties are pro-euro.
I'm not old enough to remember the lira but my parents always tell me people lived better when the lira was our national currency. :eek:
 
Maybe should have stayed with the former currencies.

Are the former currencies worth anything? Asking for a friend.
Deutsch Mark was the world´s No 1 currency in terms of purchasing power.

Nothing wrong with it. Or the French Franc.
Franc, Pesetas, Escudos, Lire, Gulden, ect, they all were stable currencies. But none had the purchasing power of the DM. That´s not the actual value. It means 1 DM can buy more than the countervalue of any other currency.
 
Maybe should have stayed with the former currencies.

Are the former currencies worth anything? Asking for a friend.
No, there was a grace period but that has long gone past.. maybe to a collector, but who would want a Trillion dollar Turkish lira which in the past was worth about 6 dollars?
Turkey has a reformed Lira, not Euro.
Yeah, reformed Lira means, they cut off about 6 of those zeros. So 1000 Turkish lira is worth about 6 dollars..
 
Maybe should have stayed with the former currencies.

Are the former currencies worth anything? Asking for a friend.
No, there was a grace period but that has long gone past.. maybe to a collector, but who would want a Trillion dollar Turkish lira which in the past was worth about 6 dollars?
Turkey has a reformed Lira, not Euro.
Yeah, reformed Lira means, they cut off about 6 of those zeros. So 1000 Turkish lira is worth about 6 dollars..
My mistake 5.19 Turkish Lira is worth 1 dollar..
 

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