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"The implication is that increasing globalization of economic activity and mobility of production, has been purposely implemented in such a way as to render an already destroyed 'nation-state' a meaningless entity in economic terms."
Provisions of the 1992 Maastricht Treaty established the euro. In 1995, the name was officially adopted. Its use began in December 1998. Seventeen dissimilar countries adopted it as their sole currency. They're trapped disastrously in its straightjacket.
In the mid-1990s, Connolly called establishing it a hairbrained idea doomed to fail. Saying it cost him his job as EU monetary affairs department head. He saw disaster coming before the train left the station. The moment of truth draws closer.
Progressive Radio News Hour regular Bob Chapman said Germany and France want "new rules for budgetary discipline." Their new plan's the same as the old one. They feature austerity and ECB mega-loans for countries and banks.
"There will be no real changes, just more debt. This is more obfuscation because nothing is being done" to resolve debt problems and jump-start economic growth. Banks and sovereigns keep borrowing more money. The ECB provides it. The Fed supplies it. It's creating trillions out of thin air. The entire system can't function without periodic money injections.
"The bottom line is there was no control before and there will not be any in the future. These incompetents stagger from one problem to another in their futile endless search for world government."
As a result, Europe sinks deeper in trouble. This year will be tough and 2013 tougher.
GEAB 's Latest Economic Assessment
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