“There is no such thing as Euroland.”
August 26th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
These data are pointing to a stronger dollar, as f*@#$%* nuts as that might sound. Why might it not be f*@#$%* nuts?
Europe has problems.
But leave it to a Brit to write, “There is no such thing as Euroland.”
Via: MarketWatch:
There is a simple reason why the members of Economic and Monetary Union all have different views about the economy: there is no such thing as Euroland. When a collection of politically and economically disparate states get together to unify their currencies, and wide policy and structural divergences remain years after monetary union is consummated, it is only a matter of time before something goes awry. This may be happening now.
The German Bundesbank, still the most influential Euro area national central bank 10 years after it handed decision-making to the European Central Bank, has recently been speaking of a “robust” German and European economy. The German central bank has been roundly defending the ECB’s interest rate hike last month as a necessary anti-inflationary measure. The Bundesbank, though, is something of a lone voice. A growing number of economic experts in various European countries believe the ECB may soon have to rescind the 1/4 point interest rate rise announced in July.
As someone living in this theoretical fantasy of a Union called ‘Europe’ (Italy specifically), I fully confirm that there is no such thing as Europe, other than maybe what a tourist who’s not from here sees. Italy has Italians, with their own physical traits, culture, languages, dialects, and economy. Germany has Germans, living in their own world. France is its own world with all its good and bad. Europe doesn’t exist, it never has and it never will, other than in the mind of these globalist freaks who are trying to unify the whole world into the ‘new world order’. I get culture shock *within* one country – just traveling from a metro-wasteland like Naples in the south, to somewhere like Florence in the central-north. Let’s not even talk about going to other countries! Total culture shock.
*They* may have succeeded in unifying all our money into a single currency, and they’ve pulled off the disastrous Schengen agreement so there are no more border controls amongst the participants (most of Western Europe), however there never will exist a place called ‘Europe’, there never has been and there never will be, other than a vaguely defined ‘continent’ – Europe is must a mixture of different people of different physical traits, different cultures, different religions, and it will always be that way, no matter what the globalist pigs try to make this place into.
Mark