I remember way back when the Euro currency was established in Europe. And I remember thinking, with little beyond a couple of quarters of Economics in college that this can never work. There is no honor among thieves.
Sooner or later I reasoned, especially with so many of the European Union (EU) countries in the something for nothing socialist mold, one or more of them would find clever ways to work around the discipline of a hard currency, even use it to advantage to foist their spending on their neighbors. I also reasoned that the Euro would collapse 20 years ago.
But not that I wish it, it appears I may finally be right, the irony being that it will collapse when the dollar has never been weaker. Brace yourself, Bridget, it looks like we're going to see a lot more strife on the Continent this fall.
UPDATE: A great thing about comments is the education the blogger himself receives. As noted here, yes, the Euro was not formalized formally until 1999. I conflated my historical recollections, where the concept of a united European current goes back decades but always moving forward with several big steps in the 1990's. Remember the Common Market? But I stand with my intuition all along, that if even importing wine across seemingly friendly borders can lead to violence, no agreement like the Euro can hope to stand.
"I also reasoned the Euro would collapse 20 years ago"
Prescient, since the Euro was only introduced in 1999.
Posted by: anonymous | Tuesday, September 06, 2011 at 10:22 PM