Saving a Failed System
Euro system is a disaster waiting to happen.
by Stephen Lendman
Combining 17 dissimilar countries under one monetary/fiscal system assured disaster waiting to happen. One size fits all rules don't work. Euro expert Bernard Connolly knew it before the euro's 1998 introduction.
Saying so cost him his job as EU monetary affairs department head. He called the euro system a harebrained idea doomed to fail. He was years ahead of his time.
Since 2008, one crisis conditions deepened. Stopgap solutions buy time but nothing else. Massive money printing keeps wobbly Europe afloat but for how long. Bailouts, rescue plans, debt monetization, and other forms of money manipulation haven't made sick economies healthy.
Prosperity remains elusive. Money used for zombie banks and speculation sacrifices growth and millions of households with it. Debt problems can't be solved by adding more to existing amounts.
Financial expert Martin Weiss calls the West's financial crisis a debt monster. America and Europe face similar problems. Current US debt levels are three times what they were four years ago, six times greater than in the mid-1990s, 10 times mid-1960s levels, and hundreds of times compared to earlier periods.