Today's Coming Crisis Movie

Sunday, May 20, 2012

The Prime Minister says he wants a stable eurozone. It is complete nonsense


David Cameron has been calling on those of our European partners who have the misfortune to have the euro to do what it takes to establish a ‘stable, successful eurozone’ – warning that otherwise ‘we are in uncharted territory which carries huge risks for everybody’.

I fully understand why he felt obliged to say that. Even though, fortunately, the United Kingdom is not part of the eurozone, the issue is of such importance that he could scarcely remain silent.

And had he spoken and not expressed the desire to see the eurozone ‘succeed’ he would have been held at least partially responsible for its failure.

But it is, of course, complete nonsense. A successful eurozone is an impossibility. European Monetary Union, to give it its full name, was doomed from the start. The disaster which we see unfolding today, most acutely in Greece but increasingly elsewhere in the eurozone, too, was not only predictable but predicted. Read More