What Went Wrong With The Euro?

What Went Wrong With The Euro?

Euro banknotes

Euro banknotes

The details of what went wrong with the Euro aren’t clear. Over a period of time it was corrupted, changing from a convenient single currency for the whole EU, to a kind of control mechanism run by the bankers and Thatcherite/neoliberal politicians. I’ll try to piece it all together, but there will be gaps.

The EU forerunners, the EEC and the EC were criticised by Mrs Thatcher who was against the European single currency and said “We have not successfully rolled back the frontiers of the state in Britain, only to see them re-imposed at a European level, with a European super-state exercising a new dominance from Brussels”. European Commission President Jacques Delors was hated by Rupert Murdoch and his papers, such as the Sun, which printed a front page story telling people to stick two fingers up in unison at a certain time and date and shout “Up yours Delors”. He eventually got a warm welcome from the Trades Union Conference (TUC) in Britain in 1988 for promising to bring back free collective bargaining, although before that they didn’t like him.

The idea of the whole of the EEC, EC, or EU having the same currency is nothing new. It was first planned as long ago as the Hague Summit in December 1969 http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=URISERV:l25007 . The original plan was to implement currency union by 1980. This was suspended in 1971, due to US President Richard Nixon’s abolition of the Bretton Woods system, where the US Dollar was exchangeable for gold and all other exchangeable currencies were indexed to the US Dollar. Communist countries, such as the USSR and East Germany didn’t agree to this or any rival scheme, so their currencies were only worth anything in their countries of issue and they couldn’t be exchanged except in cases of forcing tourists to exchange their “hard currency” for the local currency.

An early name for the European currency, planned by the Dutch, was the Eurogroot, meaning either big Euro, great Euro, or Euro Groat (i.e. a Groat was a medieval English coin worth four pence). Later on, the name of the proposed currency was fixed by treaty as ECU (i.e. European Currency Unit, but probably inspired by the old French coin Écu). After this, in a shock move, that treaty was broken or overridden and the currency was renamed the Euro! Other plans for the currency may have been changed just as easily at about the same time.

The bankers obviously didn’t like the idea of there being fewer currencies for them to speculate in against each other, so they launched runs on the Pound Sterling and the French Franc. I think these actions were instigated and mainly controlled by George Soros, nicknamed “The Man Who Broke The Bank of England”, referring to the currency crisis he caused in 1992 called “Black Wednesday”. The Pound was devalued, forced out of the Exchange Rate Mechanism (ERM) and never rejoined. After this, everyone in Britain, including unemployed and unfit people, as well as pensioners, had to pay price increases for all goods from outside Britain because of what that bastard George Soros had done! The price increases seemed to be about 10%.

George Soros plotting

George Soros plots more financial chaos

George Soros was born in Hungary in 1930, then went to Britain and studied at the London School of Economics when he was almost destitute, but he got a donation of £40 from the Quakers. I’m not sure if the £40 was a one off payment, or a regular thing. The fact it was only £40 indicates how much the bankers have devalued money since then. He had managed to get lots of jobs, including selling seaside souvenirs, but his pure greed wouldn’t let him be satisfied with that. The run on the French Franc weakened it, but it still managed to stay in the ERM and join the Euro. After this, the bankers had a Plan B, on how to make money out of the Euro. They were already getting things more their own way in the USA, where the US Dollar was run to limit public spending to a percentage of GDP, and Federal Income Tax was just to pay the bankers, so they decided to have similar criteria written into The Treaty of European Union, usually called the Maastricht Treaty.

Much later, the Euro was defined in the Treaty of European Union http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:12012M/TXT

This treaty mentions things such as that it seeks to work for “sustainable development of Europe based on balanced economic growth and price stability”, as well as to “promote conditions for stronger economic growth in the European Union”, and even “ free and fair trade” with “the wider World”. These words may have sounded fairly harmless in 1995, but now we’re seeing how people’s ways of life and even their actual lives can be sacrificed to bring these conditions about.

Broken Euro

A broken Euro indicating shattered economic dreams

This has all led to the bankers taking control of Greece, forcing ordinary people into destitution to pay for their luxurious lifestyles. Their other main targets are Spain, Italy, Ireland, and Portugal, but sooner or later they plan to do the same thing to the whole World! Only alternative, interest free currencies, instead of their debt based interest ridden currencies can save us from that fate. More about this soon.




Jeremy Corbyn

Jeremy Corbyn trying to look like a Russian revolutionary

Britain has suffered under the same type of Thatcherite/neoliberal government ever since May 1979. In recent months, the general public in Britain has been subjected by the mass media to what can only be called Corbynmania. I think now is the time to look into this phenomenon.

There was a similar phenomenon in 2010 called Cleggmania, named after the Liberal Democrats’ leader Nick Clegg. He was supposed to be the one who could change the whole political landscape of Britain, due to the predicted result that no single party would get a majority, dubbing him the “Kingmaker”. This meant that by giving his party’s support to either Labour or the Conservatives he could choose whether Gordon Brown or David Cameron would be Prime Minister. Everyone then expected real change, because the Lib Dems were committed, saying “If there’s a hung parliament, we will INSIST on proportional representation as the price of our support!”, but of course Nick Clegg and the Lib Dems were persuaded, blackmailed, or even brainwashed into dropping this demand in return for a place in a coalition government, the job of Deputy Prime Minister, ministerial posts, and having some of their more recent policies enacted, although of course not their original fundamental policy of proportional representation, or their more recent policy of abolishing benefit sanctions. A very damaging and dodgy scheme was the Fixed Term Parliaments Act, which could instead have been part of the coalition agreement, because it was designed just to prevent the Conservatives or the Lib Dems leaving the coalition and holding another election. It wasn’t even passed until September 2011, by which time the coalition government could easily have fallen apart. This act now makes it very difficult to hold general elections more often than five years apart. The end result of the coalition agreement was that Clegg and the Lib Dems were consigned to history.

Jeremy Corbyn thinking

Jeremy Corbyn tries to think of a good answer

Corbynmania seems to have been caused by the Labour Party’s pathetic new policy of selling leadership election votes to anyone willing to pay £3, as well as signing a declaration that they support the Labour Party’s aims and values, and that they’re not a member of any organisation opposed to the Labour Party. This was a recipe for unprecedented infiltration by members and supporters of other parties.

The Labour Party was projected by all general election 2015 opinion polls as running neck and neck with the Tories, which would have led to them being able to form a coalition government or a minority government, with support from other parties, such as the SNP, Plaid Cymru, the SDLP, the Greens, and possibly even the Lib Dems. I think we can safely assume that the general election was fixed, and that the real result was a hung parliament where Labour could have done a deal with the parties mentioned above, while the Conservatives could only have done a deal with the Lib Dems, UKIP, and the Democratic Unionist Party (DUP). Proportional representation should then have been introduced, then there would have been another general election a few months later in 2015.

The current hysteria called Corbynmania is one way of distracting everyone from the fixed general election and persuading them to “move on”. Let’s look at a few facts. The mass media in general are all writing lots of stories about Jeremy Corbyn, some supportive, while others are totally anti. Jeremy Corbyn is either the saviour of the Labour Party who can make it socialist again, win a general election and abolish Thatcherism, or he’s going to destroy the Labour Party, make Labour unelectable, and lead to permanent Conservative government. He is allegedly being supported by lots of members of left wing parties such as the Greens, Left Unity, the Trade Union and Socialist Coalition (TUSC), Socialist Workers’ Party (SWP), and the Socialist Party of England and Wales (formerly Militant Tendency), as well as Conservatives who want him to destroy the Labour Party.

young Corbyn

Jeremy Corbyn was fairly unknown in his younger days

As for me, I think that what will happen is roughly as follows. Jeremy Corbyn and his supporters keep talking about winning a general election set for 2020 under the Fixed Term Parliaments Act. The problem is that by that time thousands or millions more people will probably die of eviction leading to suicide or homelessness (which is what I’m facing in November 2015), benefit sanctions, or being refused life saving medical treatment. The current Conservative government has a majority of only about 9, which so far doesn’t seem to have enabled them to do anything much. This will be reduced at By Elections, wiping out their majority altogether, long before 2020. After that happens, the general public, as well as MPs will be desperate for another general election, but unless the Fixed Term Parliaments Act is abolished, or TWO THIRDS of MPs vote for a general election, then no general election can be called. By 2020, Britain could have been turned into a massive slave labour camp under the TTIP (Transatlantic Trade and Investment Pact) agreement.

The Labour Party is made up of three or four groups who have opposing views and actually hate each other. There are actual named groups such as the “hard left” Campaign Group, including Jeremy Corbyn, as well as the “soft left” Tribune Group, but I haven’t been able to find out the names of any of any other groups open only to Labour Party MPs. The right wing groups called the Progress Group, as well as Blue Labour, aren’t restricted to Labour Party MPs or members.

Recently, Jeremy Corbyn has had a lot of Thatcherite/neoliberal Labour MPs or members such as Tony Blair, Gordon Brown, and Peter Mandelson putting him down. They say his policies will make the Labour Party unelectable. They ignore the facts that the Labour Party has lost the last two general elections and that it can’t form a majority Labour only government without Scottish MPs.

Corbyn cycling

Jeremy Corbyn cycles round to try and look poor

What all of this means is that a reinvigorated, firmly socialist Labour Party led by Jeremy Corbyn can’t achieve what it says and can’t provide people with what we need. For that we need a new economic system, not just a new Leader of The Opposition!