Is Europe’s 1% Preparing to Dump the 99%?


This just in, from London via Drudge:

Seems the solvent Europeans are considering just dumping the insolvent ones and going their own way.

Actually this was inevitable, but will they dump the Euro entirely and go back to the Deutschmark and Swiss Franc and other solvent currencies (the Brits kept the Pound Sterling), or will they just size it down?

And will they go all the way and simply disband the entire EU…think of the lost jobs in Bruxelles (Have Portfolio, Will Travel)

Howard Wheeldon, senior strategist at BGC Partners, said the single currency experiment had failed.

“Undoubtedly it has failed. We know the concept of a single currency was flawed right from the start. There were too many big differences, in language, in culture and in the economies. There is absolutely no chance of the euro surviving in its current form. It cannot happen.

“There are limits to what the markets, the people and the voters will accept. That doesn’t mean the euro won’t carry on with fewer members, but it has been a failure.”

A big I told-you-so. Britain will go her own way, since she refused to sign onto the Euro in the first place. The rest will be left to tread water.

With any luck, the old Soviet eastern bloc will form their own group, which we favored in the late 90s.

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Bernard Chumm
Partner, The Sands Institute, head of the fearsome Scat Patrol, and Protector of the Innocent
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Partner, The Sands Institute, head of the fearsome Scat Patrol, and Protector of the Innocent

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November 11, 2011 1:43 pm

Time to sink or swim? May as well start now.

November 12, 2011 12:38 pm

Aside from defense considerations, and simple trade agreements, and perhaps travel issues, we wonder why the Eastern Countries, having just come out from under “Central Planning” and the oppression it brought with it, would have thought subjugating and watering down their national sovereignty was a good thing. Did they drag the EU down or did the EU drag them down? Are the Europeans really that mobile that they have to use Euros? And if it’s just a trade thing, can’t cross-border transactions be done electronically with the calculations embedded in a software program? Why is it always ‘give up freedom… Read more »