In 2007 we experienced one of the worst financial disasters in living memory. One of the contributions from the EU to that crash was the single currency market that created a double dip recession as a result of a tidal wave effect brought on by the member states that adopted the Euro. Adolf Hitler’s economics minister Walter Funk had suggested a single currency during the war in 1942 and like today this system is operating in the same manner that Funk had planned. Funk’s vision was to create a system that would eliminate trade and currency restrictions which included the groundwork for the European Union Community largely controlled and operated from Germany. This was at the time that the Nazis controlled most of Europe and in order to secure their power it not only included military conquests but economic, political and financial conquests as well. The Nazis even tried to cripple the British economy by printing forge bank notes and putting them into British banks. There were many ruthless ambitions that Funk devised to get a stranglehold on Europe. That is similar in nature with today’s EU where the monetary and trade operations of the EU are largely influenced by Germany, which is the strongest economy in the EU and is the base for the European Central Bank (ECB).
Jean Monnet, the French economist who also dreamed up the European Union had an idea for a single currency too. He had an idea to unify post-war Europe by running it through a caste of technocrats that will build it up in stages. The first step was getting the countries to agree to certain treaties, gradually removing their own fiscal autonomies and then implementing the single currency into the hearts and minds of their politicians. The trouble with the Monnet inspired central banking system is that it is undemocratic and not accountable to anyone. The leaders of the nation members must go to the ECB to answer for their economic policies that they don’t fully control. The ECB however needs consensus from its 27 member states or the 17 Eurozone member states to implement policies that the member states won’t be able to ratify afterwards.
When the Euro single currency was introduced and adopted by member states in 2002 there wasn’t a treasury to support it or any means to control tax-raising powers and decision making for its operations. This was the recipe for the disaster that would happen when the crash came. The problem with the single currency where the economic meltdown was concerned was that it shared the same crisis with the other nation that had the country. A country with its own sovereign currency like the British pound can regulate its own fiscal policies for its own banking and financial activities for it’s own currency so that the value of the pound can be saved from bankruptcy otherwise the country will default on its debts. With a treasury in place with a reserve of emergency money it can pay off the lost money to save the economy. The Eurozone has a monetary union with no fiscal union or body to regulate its value. That means that if one country imposes something on the state’s economy to control the value of the Euro then it will also be affected by the other country that uses it. This means that it has to do something in agreement with the other Eurozone countries and that leads to unfathomable chaos that leads to a pro-longed recession. And with no public purse to support the union currency both countries have no money but their own state bank accounts to prop up the economy that has to be done in agreement with the other countries.
Greece was a classic example of how vulnerable the single currency was and showed the sheer level of incompetence the European Union could be. When the Greeks entered the single currency it was under an obligation to follow a set of rules to ensure that they would limit their deficit spending and debt levels just like those who had signed the Maastricht Treaty. France, Germany, Spain and Italy were told specifically not to be in position where a bailout would be necessary should the economy go into meltdown. However there was some deception in their debt management. They had fixed their credit ratings and disobeyed the criteria of the EU because they couldn’t control it. They thought that by the time they had got into the single currency they could get rid of their debts in the process. That way they didn’t have to worry about saving for a rainy day. It did work for a while and their old currencies like the Drachma, Franc, Deutschmark, Peseta and Lira were gone. Suddenly there was a much higher credit rating, which in turn led to a massive boost in public and private spending. With no proper regulatory body to stand in their way they threw money at everything. There was such a high volume of neoliberalism going on that no one even paid any attention to the terms and conditions of the single currency.
Greece in particular was the greediest, they had been living beyond their means well before they joined the single currency. The Greeks had heavy public sector wages, debts on the 2004 Olympics, widespread tax evasion and an uncontrollable spending spree. This led to such a terrible recession that many Greeks suffered and saw their country climb down into the standards of a developing country. Some people committed suicide with one man shooting himself in a public square. Many of them sold off businesses they couldn’t afford to run and sold off assets they couldn’t afford to keep anymore. The domino effect of the crash on the Eurozone meant the member states had to fork out large sums to bailout the countries that defaulted which included Portugal, Ireland, Italy and Spain. The terms of these bailout deals were so harsh the Eurozone was crumbling and in spite of this there was propaganda coming out of the EU that the single currency was a great reckoning for people to enjoy. But it wasn’t anything to enjoy and yet for some bizarre reason those that joined the Eurozone still have a lot of people happy to stay put with the single currency. Something that the Scandinavian countries and Britain are not happy with because we feel better not to have succumbed to the effects of a drug that has infected and passed onto an innocent creature that didn’t deserve it.
I remember a TV investigation into the Greece debt crisis where Micheal Portillo went to Greece to ask if they felt better off with their own old currency the Drachma. Just about every single Greek he came across felt that they were better off with the single currency. They believe that the low interest rates on the Euro were really good value for their livelihood even though they are impoverished because of it. Apparently the people blame their own government for the overspending even though the people themselves overspent. The Germans didn’t even want to see the return of the Deutschmark neither, they think the Euro was good for Germany as the country has strong exports in their economy. However the chief economist of the German Commerzbank, Jorg Kramer was keen to use the Deutschmark again and he believes that the Euro has been so badly managed that the Greek should back out of the Euro. But for the like of them cheap easy credit ratings are so important that they would rather wash their hands of the responsibility for their troubles so that they get at the prosperity they crave. This is the kind of thing that made Margaret Thatcher angry. She had a policy no burrowing, no debt. Save or spend whatever you have.
While I am writing this critical statement about the Eurozone the European Court of Justice just ruled that any political criticism of the European Union’s institutions or leading figures can be suppressed by law. This was because of a written critical study of the EU’s monetary integration by a British economist called Bernard Connelly who was dismissed in 1995 entitled ‘The Rotten Heart of Europe’. This rotten heart is still beating today. The EU will go to extreme measures to protect it’s reputation even though it has made some very bad actions throughout it’s existence that have betrothed the people that pays for it. It is a body that is a threat to democracy, freedom and peace. This ruling on types of dissent and punishing of individuals has serious implications for free speech and thought. On Connelly’s dismissal and this ability of the European Union This is a sure sign of pro-Orwellian suppression. It’s a frightening and oppressive judgement on someone who has been crushed for criticizing someone like that. If you think talking about immigration is racist then that is a form of oppression from the extreme left who are nothing better than the fascists. I really would like to aim my bow and fire at those people who declared him an enemy of the state for saying something that disagreed with him.
We in Britain are all thankful to not be in the Eurozone and we have a great way to ensure our sovereign economy and financial market can thrive even outside the Eurozone. The International Monetary Fund has praised our country for it’s safe, responsible and dependable market value. We have held onto the AAA credit rating well after the crash. Britain when governed properly without EU interference is a reliable and strong economy, we are so strong that many European countries have come to us to invest in us. We have the highest foreign workers from the EU and many of them are attracted to Britain’s prosperity. Which goes to show that we can provide a safe haven, but a safe haven must be managed by itself and not by bureaucrats. We can also make our currency stronger on the international scale rather than systematically attached to the European single currency. Why should we trust our economic and fiscal policies to a body that can’t be bothered to take responsibility at all? I’ve seen plenty of attitudes to money like that from Labour, the SNP and other socialists and they end up making people poorer. Especially as they expect us to share their misery. I don’t want to sort out other people’s mess, they got there because they wanted it.