The taboo of the Euro


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When the Euro is put under the spotlight, the indignant reaction is a chorus of “We cannot leave the Euro”, as though Europe is identified with the Euro. It’s possible to serenely remain in the EU without having to do without one’s own currency. Of the 27 States making up the EU, ten have kept their currency, including Great Britain, Sweden, Poland, the Czech Republic and Denmark who are not risking any default. Another trick is the repetitive use of the term “single currency”. There’s is absolutely no single European currency. The Euro is limited to 17 States and those who are outside are taking good care not to enter the Euro zone. Who in Europe, is today in crisis? Right at the top are those countries with so-called “weak” economies that adopted the Euro. The question is “Weak in relation to whom?”. Obviously in relation to Germany. States like Portugal, Italy, Ireland, Spain, Greece and perhaps in the future France and the Netherlands cannot keep pace with the German economy. A currency should reflect the value of a country's economy. But anyway, the Euro represents the value of the Mark. A plan B is needed in case we need to go back to the Lira.
It’s not a matter of being hostile in principle to the Euro, but to be able to allow that. To remain in the Euro we are starving the country, strangling the companies, transferring the private wealth to cover the interest payments on the public debt that is (unfortunately) in Euro. If it were in lira we could resolve the problem of the debt with the devaluation of our currency. Since Rigor Montis decided to apply his solution of tears and taxes to save Italy, we have gone down deeper. About 140,000 companies closed down in the first quarter, unemployment has rocketed and the number of entrepreneurs committing suicide is no longer counted. The value of salaries has gone back to 1983 values. The IMU {local tax}, the renewed IMU and the Super IMU are knocking on the door. Italy is gasping like a beached whale. Even Draghi has understood this. In the face of the possible shut down of the Country, he has called for less taxation and sharp cuts in public spending.
If to remain in the Euro and pay the interest on the debt to the banks, mainly German and French, we have to kill the economy of our Country, perhaps it’s appropriate to stop and reflect. Especially if the public debt and the spread are increasing anyway while we are being strangled. The Euro must not be a taboo.

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Posted by Beppe Grillo at 06:47 PM in | Comments (3) | Comments in Italian (translated) Post a comment | Sign up | Send to a friend | | GrilloNews | listen_it_it.gifListen |
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These countries didn't join the Eurozone BECAUSE of situations like with Italy, Spain and Greece.

The fact that Italy's economy is failing has nothing to do with the Euro.. it is an excuse, not a reason. That fact that the economy here is failing is because of the Italians, because you have been brainwashed since before Mussolini.

And don't make any illusions.. Great Britain is in fact in need of a default, the only reason they can continue is because of over-the-counter derivatives trade which is something in the order of a quadrillion eurodollars per year. That is more than a 100 times the entire world's trade.
But the UK industry sector, agriculture, etcetera, have been shrinking since the 70's oil crisis.

Sweden went bankrupt in the 90's because of the housing bubble (one that Italy still has to swallow), but because of solidarity and good government policies they pulled through. They have politicians which actually do HONEST things!!

All your arguments are falsifiable.. your argumentation is wrong. It is like claiming that Italy's shoe manufacturing is the best in the world because Italy looks like a boot. Not only is that wrong, but most shoes are/were manufactured in the North of Portugal.

And the worst thing of it all, is that this is just another thing people can be against.. an easy target so to unify people with contradicting ideologies. Please make an effort to be PRO something.. there is enough to improve in this world.

Sorry for the Sunday rant, but i expect better from you.

Posted by: Paul | April 29, 2012 01:07 PM

At least do something smart.. introduce the Lire as a regional currency to ensure a base income for everyone.
The Euro wasn't the problem, together with the introduction all agreements on roof-prices were let go. Nobody forced all these intermediaries to crank up the prices with 30-40%, sometimes every year.
I find this highly revolting populistic propaganda. Of course Monti is not the solution, but try come up with smart alternatives and fight the oligopolic dominance, remove the centralized government system, do whatever it takes to address the real issues, but going back to the Lire is an empty gesture of protectionism.. of scared politics. Shame on you, Beppe.

Posted by: Paul | April 29, 2012 12:44 PM

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La crisi finanziaria americana dai mutui subprime del 2008 ha messo in luce i molti problemi a associati alle Agenzie di Rating, sia in termini di incentivi sia nello svolgimento della loro attività.

Innanzitutto, esiste un chiaro problema di incompatibilità negli incentivi: se da un lato la società emittente il titolo paga per il rating e può cercare di ottenere il miglior rating possibile, dall'altro lato l’agenzia può essere incline a ricompensarlo per essere stata scelta in termini di rating più elevato del previsto. Esiste inoltre un evidente conflitto di interesse riguardante i consigli sugli investimenti finanziari strutturali: un’agenzia infatti può in un primo momento dare consigli all’emittente su come la costruzione di un titolo dovrebbe ripercuotersi sul rating del titolo stesso e, in seguito, pubblicare un rating che conferma i propri consigli, guadagnandoci addirittura due onorari. Stime recenti affermano che il 44 per cento dei guadagni di Moody’s, una delle più importanti società di rating nel 2006 è arrivato dalle sue attività nella finanza strutturata.

Voi giocate sui titoli?
Cioe' comprate oggi a poco e vendete domani per di piu?
Se giocate allora siete voi che fate fallire le ditte oneste quotate in borsa che danno occupazione a te ed a me!

Voi siete la causa dei miei mali e dei mali della gente onesta che non ha piu soldi per vivere mentre voi speculatori vendendo oggi e comprando domani fate chiudere le ditte...fate schifo o meglio fanno schifo tutti quelli che speculano sulla vita e sacrificio degli altri.

Posted by: john buatti | April 27, 2012 04:22 PM

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