STAFF NEWS & ANALYSIS
Solving the Euro Problem Will Not Ease European Turmoil
By Daily Bell Staff - August 12, 2016

 A Nobel Alternative to the Current Euro System …  A new book by Nobel prize-winning economist Joseph Stiglitz suggests that the best way forward for the euro area is a “flexible euro,” a system of different currencies under the same name fluctuating within certain limits. It’s a new, ingenious riff on an idea that keeps popping up in discussions of the currency bloc’s future …-Bloomberg

Economist Joseph Stiglitz wants to save the euro by making it flexible. This is an interesting approach, in part because it shows us clearly how elite dominant themes interact with each other in complex ways

The imposition of the euro itself was the proximate cause of Europe’s difficulties, but the EU’s problems are being exacerbated by powerful banking interests behind its initial founding.

Stiglitz’s arguments regarding the euro seem sensible enough, but at this point, the problems run a good deal deeper than the currency.

We wrote about Stiglitz recently in an article HERE on a universal basic income. But in this new book, HERE, he makes euro proposals.

Stiglitz wants to preserve the EU and the euro by moving toward a “flexible euro” that would allow countries essentially to have the ability to customize the currency via rates and volume. “The value of the different euros would fluctuate, but within bounds that the policies of the euro zone itself would affect.”

The UK Express comments on Stiglitz’s proposal, HERE:

The euro needs to change, according to a top economist Joseph Stiglitz … He said leaders dreamed up the idea without a proper understanding of what a monetary union meant.  In an explosive new book, How To Save The Euro, the economist provides a scathing review of the bloc’s current set-up.

Europe was not designed to deal with the differing economies of members, while its bureaucracy holds back growth, employment and stability, according to Stiglitz.

Stiglitz makes it sound as if the euro were merely a misapplication of a good idea. But we know this isn’t true. As we wrote HERE, the top leaders of the EU understood very well that the euro would cripple certain EU countries. They wanted that to happen because a crisis would give them the justification to impose a deeper political union.

In a 2014 Daily Bell article entitled “EU Shock Report: Elites Plot a Europe ‘Forged’ by Crisis,” we quoted top EU politico Romano Prodi, former president of the European Commission, as follows.

“Well, the difficult moments were predictable. When we created the euro, my objection, as an economist (and I talked about it with Kohl and with all the heads of government) was: how can we have a common currency without shared financial, economical and political pillars?

“The wise answer was: for the moment we’ve made this leap forward. The rest will follow … Then instead came the Europe of fear: fear of China, fear of immigrants, fear of globalisation. So it was clear that this crisis would arrive.”

You can see quite, above, that Prodi asks Kohl how a euro would work in a system “without shared financial, economical and political pillars?”

And Kohl answers “the rest will follow.”  Prodi says, “It was clear this crisis would arrive … The difficult moments were predictable.”

They both know. Prodi carries the point further: “Historically we had this possibility, because the economical side has developed more quickly. That’s why, in that precise moment, we pushed with all our strength (to reach the target) because if the economy isn’t unified and we don’t have a common currency we can’t face the future.”

It couldn’t be more obvious than this. They wanted the crisis that has come about. Stiglitz’s perception that EU leaders supported the euro without a proper understanding of the ramifications is wrong.

It’s part of a larger misleading dialogue about the benevolent, misguided intentions or Euro-leaders: In reality, the EU was imposed on Europe by World War II’s victors, the US and London’s City, primarily via the CIA and other covert bodies. The same banking interests that funded inter-European wars were behind the implementation and evolution of the European Union.

Additionally, British politicians lied to their countrymen about the initial European idea. It was never conceived of as a trade union. It was always supposed to be a “United States of Europe.”

Today, the euro and even the EU are so despised now in parts of Europe that there are ongoing secession movements and increasingly a split between North and South Europe. France, Italy, Greece and other countries are meeting in September to formulate joint opposition to Brussels’ austerity policies.

But it is not, increasingly, only North versus South. Even within Southern countries especially, there is a good deal of agitation just to be done with the whole thing.

One would think these are positive developments but we are not so sure. We continue to harbor doubts about Brexit itself. We have difficulty perceiving that it would have come to a vote had powerful interests not allowed it to occur.

An argument can be made that Brexit was intended to release additional chaos on Europe just as planned. Now there are continental divides and also regional and national confrontations. The deterioration of Europe continues apace. If we are correct, the difficulties in Europe are not going to be resolved any time soon and may well simply grow worse for the foreseeable future.

Just as the bankers’ man Soros funds radical and even violent dissension in the US, so he is funding dissension in Europe. Stiglitz and Soros – good friends – are both seemingly behind the rise of Italy’s largest, new party, the Five Star Movement. See HERE.

It is also well known that the man behind Brexit and UKIP – Nigel Farage – has met privately with Rupert Murdoch, HERE. Additionally, Farage is a City stockbroker, which has led some to question the true alignment of both his sympathies and intentions.

Conclusion: The turmoil in Europe will not stop any time soon, regardless of suggestions on how to alleviate it. This is because European turmoil is surely meant to continue and grow. Those counting on a reunified Europe, or even a dialogue leading to a sensible resolution of various ills may need to revise their fundamental analysis of what’s going on.

 

 

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  • georgesilver

    “The value of the different euros would fluctuate,”
    Yes, you could have the Deutsch Mark Euro, the French Franc Euro, The Italian Lira Euro. etc. etc. Makes perfect sense LOL.
    If countries went back to their old currencies it wouldn’t be such a big deal now. I live in France but my main bank account is in the UK. I pay with a credit card or I draw money (Euros) out from a ‘hole in the wall’. Business will be conducted in SDRs soon anyway. Here’s novel idea. Let’s get rid of the EU superstate and it’s double layer of government and bureaucracy. Think of the money that could be saved. We could still have an open European trading agreement. I’ve even thought of a name for it……… European Economic Community. How does that sound? Do you think it might catch on?

    • Hopefully it will collapse.

      • thojak

        It will – bet ya one SEK on it ! 😉

  • Darquius

    The Euro – one universal borderless sound currency and free crossing of borders with goods & services was a great idea! Until Politicians and international banking interests assumed legal oversight control of money value & commerce permission license. (in effect making the good idea part illegal without their permissions.)

    The economic effect has been like the best engineered auto being operated at full throttle with both feet on the brake – much noise & wasted energy amid acrid eye-watering odors & incipient mechanical failure.

  • Will Kit

    Euro notes are all country specific anyway. The number/letters on a note defines where it originates from. http://www.thisismoney.co.uk/money/news/article-1693427/How-to-find-out-where-a-euro-note-is-from.html …..in plain site

  • mutonic2db

    Good read here:

    The Collapse of the Euro and the New World Order: Both

    http://www.garynorth.com/public/15514.cfm

  • rahrog

    Sounds like currency manipulation. As to Brexit being arranged by TPTB, don’t give these jokers too much credit. The Ruling Class is way gone drunk on their own supposed omnipotence.

  • Samarami

    It has been my understanding (largely due to exposure to DB and like publications for nearly 50 years now) that central political “authority” is virtually 100% dependent upon what has been dubbed “Hegelian Dialect“. Without strife, there could be no “government”.

    We’d all have to govern ourselves. A very scary thought for many. Sam

    • It seems so.

    • Marten

      I like that one, Sam…very scary indeed….

  • Sam Fox

    Part of the European turmoil is due to easy access immigration. That is becoming a US problem as well. Or is it ‘has become’…
    Read the full article at

    http://dennismichaellynch.com/democrat-politicians-lose-positions-t

    “The effects of the massive refugee resettlement program were clearly felt in two August 9 primary elections in Minnesota, when two congress representatives literally lost their jobs to foreign-born immigrants.

    Rep. Phyllis Kahn, a 22-term congresswoman, and Rep. Joe Mullery, a 10-term congressman, both from Minneapolis, lost their primary races to immigrants jumping into politics for the first time who received huge backing from their racial and ethnic groups, reports Breitbart

    Phyllis Kahn actually lost her race to two Somalis – Ilhan Omar (the winner) and Mohamud Noor (runner-up.) The primary voter turnout was up by almost 40 percent over 2014. Omar credited her win to immigrant Somalis, and posted a statement on her website: “I am so proud that the majority of contributions to my campaign are from members of the Somali community who believe in my leadership.” Financial contributions flowed in from Somalis in other states who supported her as well.”
    [End quote from DennisMichaelLynch.com]

    I left some comments there. Hope they are worth checking out. 😉

    SamFox

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